Forty consecutive months of year-over-year declines in the number of homes listed for sale across the Washington region came to a screeching end in July, when inventory spiked 15.6 percent compared to a year before.
While the inventory of condominiums available for prospective purchasers was down, the number of single-family homes and townhomes was up about a third from July 2021, according to data from MarketStats by ShowingTime based on listing activity from Bright MLS.
That’s the first time since the very end of 2018 that year-over-year inventory moved higher, and only the fourth time in 60 months there has been an increase.
If the increases keep coming in ensuing months, the market will return back to a balance between sellers and (when they can be found) buyers. But there remains a way to go: In July 2017, for instance, there were 10,276 homes on the market, and in July 2019 – the last pre-COVID comparable – there were 16,591.
Figures represent inventory in the District of Columbia; Arlington, Fairfax and Loudoun counties and the cities of Alexandria, Fairfax and Falls Church in Virginia; and Montgomery, Prince George’s and Frederick counties in Maryland. All July 2022 figures are preliminary and are subject to revision.
Low-inventory dam in local real-estate market finally bursts & Latest News Update
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