Question: What is the rarest animal in the Mid-Atlantic region?
Answer: A home seller in Arlington.
Only one-third of 1 percent of all the homes in Arlington County were on the market at the end of July, compared to 1.3 percent in nearby Loudoun County and 3 percent in parts of Maryland.
Why is this interesting? Because when a very small percentage of the homes in a popular community like Arlington are available to buyers, they are forced to compete with one another, and that pushes up home prices.
And that’s exactly what we’ve been seeing this year. As a whole, our region has become much more competitive, and lower inventory is the biggest reason for that.
Still, each jurisdiction in the Mid-Atlantic is its own real estate market. That’s why we have given you the charts below. You can quickly see how the percentage of each jurisdiction’s housing stock that was on the market at the end of July.
How did I come up with these numbers? According to 2012 US Census data, there are about 108,000 housing units in Arlington.
On the last day of July 2013, 394 of those housing units were active listings—just 0.37 percent of Arlington’s total housing inventory.
Doing this same math for other jurisdictions, we find that the percentage was also quite low in Alexandria, Fairfax, Montgomery, Prince George’s, and the District.
However, many other jurisdictions saw over 1 percent of their housing stock up for sale. And the further you go outside the Beltway, the higher percentages go.
Still, things are much better than they were three years ago when Fairfax was at 1.5 percent, Charles was at 2.3 percent, and Prince William was approaching 3 percent.
Since then, a lot of homes have been sold, and the number of homes coming on the market has fallen.
Last question: Where are you seeing low numbers of home sales? Share in the comments section below.
Contact Chris Sicks by e-mail firstname.lastname@example.org
*DC Metro area includes: Alexandria City, VA, Arlington County, VA, Fairfax City, VA, Fairfax County, VA, Falls Church City, VA, Montgomery County, MD, Prince George’s County, MD and Washington, DC
**Baltimore Metro area includes: Anne Arundel County, MD, Baltimore City, MD, Baltimore County, MD, Carroll County, MD, Harford County, MD and Howard County, MD