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.