![]() There are some places where we are measuring supply in terms of “days of supply” rather than “months of supply.” In Prince William County, there were 178 homes listed for sale at the end of February, which translates to 0.23 months of supply-or seven days of supply. At the end of February, there was less than a month’s supply statewide in Virginia. While historically, five or six months of supply has been indicative of a healthy housing market, we have not seen inventory at that level for more than five years in Virginia. The months of supply statistic is calculated by taking the average monthly sales over the preceding 12-month period and dividing it by the inventory of active listings. The months of supply metric is a common way to track inventory levels. It is just as important to know how many buyers there are in the market and how fast they are acting to make offers on existing homes for sale. The City of Falls Church, Craig County, King and Queen County, and the City of Manassas Park all had seven or fewer homes listed for sale at the end of last month.īut simply looking at total active listings is probably not the best way to understand how competitive local markets are. However, several local markets in Virginia are located on the border with other states (e.g., Tennessee, North Carolina) and some inventory may be listed in non-Virginia-based MLSs.Įxcluding these border counties and independent cities, Charles City County has the lowest inventory in Virginia, with just two active listings at the end of February. In our data, there are several counties and independent cities where we have only one home listed for sale at the end of February. ![]() This gives an indication of what a potential buyer in that county or city would see when they meet with their REALTOR ® or search for properties online. One quick way to look at inventory is simply to look at the number of homes listed for sale in each local market. There are different ways to measure housing supply in the market, but by any measure, buyers today have few options. Inventory was down 22% compared to last year at this time, and the number of active listings is less than a third of what it was five years ago. ![]() At the end of February, there were just 12,142 homes listed for sale statewide in Virginia. A lack of inventory remains the biggest challenge in the housing market today. ![]()
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