The Property Type That Is Scarce in the DC Area Housing Market
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.
story continues below
loading...story continues above
"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.
See other articles related to: dc housing market, dc housing market trends
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_property_type_that_is_scarce_in_the_dc_area_housing_market/22056.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro