In the real estate industry, supply and demand drive market conditions, and lack of supply has been the headline for a while now in the Capital Region.  The first quarter of 2019 was no exception, with a shortage of homes for sale reported across both the luxury ($1M+) and traditional markets in the D.C. metro area.

Inventory overall experienced a marked 21 percent drop, while luxury homes for sale declined by 5 percent.  With fewer properties available to purchase, the region saw a moderating of sales last quarter.  Across all price-points, sales declined 7 percent, while luxury sales were flat in the first quarter.

 

Read more about the market conditions in Long & Foster’s Q1 2019 Quarterly Capital Region Market Report.