The Property Type That Is Scarce in the DC Area Housing Market

• March 11th 2024

by UrbanTurf Staff

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In February, something happened in the DC area housing market that homebuyers have been waiting for: more homes hit the market. 

The number of new listings to come online in the region increased for the first time in 11 months, according to the latest report from Bright MLS released today. The number of condos and co-ops for sale rose notably, while there was a slight increase in the number of townhomes for sale. But there was one property segment that didn't following suit. 

"In February, the number of active listings across the Washington, D.C. metro area was up 5.5% compared to a year ago," the February report on the DC area market stated. "More inventory is a welcome sign for spring homebuyers, but those who are looking for a single-family home will still see shrinking options with single-family inventory down 2.5%."

Like housing inventory across the area, the supply of detached homes for sale has been dropping for years now. In January 2020, there were approximately 4,500 single-family homes on the market; last month, that number had dropped to around 2,100. During that same period, the median price for a detached home rose from $520,000 to $741,000. 

This article originally published at https://dc.urbanturf.com/articles/blog/the_property_type_that_is_scarce_in_the_dc_area_housing_market/22056.