While the number of homes for sale in the Washington area has increased significantly for three consecutive months, sales prices have fallen across the board.
Real estate information company Redfin released a report on the 30th of last month titled, “Washington’s Housing Supply Grows 23% in June… One of the Largest on Record.” According to the report, the number of homes for sale in the Washington area increased by 23.9% in April and 25.5% in May, and then jumped another 22.7% in June, marking three consecutive months of rapid growth.
June’s increase was the third largest since 2012. Looking at the figures, the total number of homes for sale in the Washington area as of June reached 20,016, and the number of newly listed homes in June was 6,328, a 0.3% increase from the same period last year.
In Northern Virginia, Stafford County saw the highest increase in listings (41%), followed by Arlington (33%), Fairfax (25%), and Prince William (21%). In Maryland, Montgomery County saw the highest increase in listings (35%), followed by Howard (24%), Frederick (18%), and Prince George’s (14%) counties.
Washington, D.C., saw a 15% increase. Redfin attributes this surge to the massive layoffs among federal employees.
Indeed, a recent survey by Bright MLS, a Mid-Atlantic real estate information site, found that approximately 40% of real estate agents in the Washington area have attempted to sell homes to laid-off federal employees in the past six months.