Shrinking housing stock in DC
Despite being only a few years removed from the recession of the late 2000s, the housing stock in many cities, including Washington, DC, is starting to dry up, according to The Real Deal. Due to the low number of listings, experts predict that home prices could rise in the coming months. Therefore, if you are considering buying one of the houses for sale in Washington, DC, you might want to do so sooner rather than later.
In the District and the surrounding suburbs, home listings are down 28 percent, reports the source. Despite the high foreclosure and shortsale rate of a few years ago, these figures suggest that the DC housing market is in the process of tightening.
"[I get calls] all the time from buyers asking, 'Where are all the new listings? Are you agents bluffing?'" local real estate agent Peggy James told the news source. "There just haven't been many [new listings]."
With the new demand, many experts predict that property values across the metro area will rise. As the pall cast by the recession dissipates, homes in DC appear to be once again in high demand.