Today, we address (a part) of the last question by looking at the five neighborhoods in DC where the inventory of homes for sale is hovering around a month or less.
For the second quarter of the year, the markets in Brightwood, Randle Heights and Takoma have all essentially had a month’s supply of homes for sale. What that means is that if no new listings came on the market, at current demand levels, the inventory of homes for sale would be zero in a month’s time.
In AU Park and Burleith, the market shortage is much more acute. In both these areas, there has been just about a three-week supply of homes for sale for the last three months.
With prices reaching record highs over the summer and anecdotal evidence that buyer demand is softening, signs are pointing toward inventories increasing and thus buyers having more options. Still, it is important to remember that a six-month supply is the benchmark for a balanced market and we are still a long way from that level in much of the city.