For lower-priced homes, a seller’s market
Special to The Washington Post
The number of for sale signs in yards and the advertisements of weekly open houses indicate that there are homes out there for would-be buyers. But buyers in the Washington region are facing a limited supply of homes in lower price ranges, particularly in the closer-in jurisdictions. It is a sellers’ market in the lower price ranges, which will put upward pressure on prices and may lead some potential first-time homebuyers to remain renters. According to data from MRIS, there are about 27,000 homes listed for sale in the Washington metropolitan area. (The Washington metropolitan area includes the District and 21 counties and cities in Maryland, Virginia and West Virginia.) In recent months, inventories have been falling as sales activity has picked up. Demand has been particularly strong for lower-priced homes, and the data suggest this is where supply is becoming more limited.
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The number of for sale signs in yards and the advertisements of weekly open houses indicate that there are homes out there for would-be buyers. But buyers in the Washington region are facing a limited supply of homes in lower price ranges, particularly in the closer-in jurisdictions. It is a sellers’ market in the lower price ranges, which will put upward pressure on prices and may lead some potential first-time homebuyers to remain renters. According to data from MRIS, there are about 27,000 homes listed for sale in the Washington metropolitan area. (The Washington metropolitan area includes the District and 21 counties and cities in Maryland, Virginia and West Virginia.) In recent months, inventories have been falling as sales activity has picked up. Demand has been particularly strong for lower-priced homes, and the data suggest this is where supply is becoming more limited.
Click here for full article
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