Lack of Virgina/Washington DC Inventory
If you are a buyer in the Northern Virginia or Washington D.C. real estate market, chances are you have noticed the lack of inventory on the market, especially in metro-accessible areas and other close-in locations.
In many areas, such as the Orange Line Metro corridor, the absorption rate is down to less than 1 month of supply. The absorption rate is calculated by dividing the current inventory by the amount of places that went under contract in the last 30 days.
It effectively tells you how long it would take for the current supply of homes on the market to go under contract. Anything less than 3 months is considered a seller’s market and anything greater than 6 month’s is considered a buyer’s market.
Find A Realtor – We Have The Inventory
So if you are a buyer in the market and are frustrated by the lack of inventory in the market, do not worry as it is the new normal.
One of the things you can do to help yourself in this situation is to work with a Realtor that has a deep understanding of the local market. A Realtor that does a lot of business in the area that you are looking will most likely know about upcoming listings before they hit the market in addition to being able to keep you up to date on the currently listed inventory.
If you are a buyer in the market today call the Orange Line Living team today at 571.969.7653 and let us help you find, that hard-to-find home.