Housing Supply Shortage
The lack of housing stock in Loudoun County, and across the country, is a top concern among REALTORS®. DAAR supports policy strategies that will expand housing opportunities for all current and future Loudoun residents/homeowners.
DAAR believes there should be a local, state and federal approach in solving the nationwide housing shortage.
- DAAR supports efforts to address large shortages in capital and lending for the development of affordable housing by expanding resources and maximizing the potential of existing programs.
- DAAR supports incentivized shifts in local zoning and regulatory environments to substantially increase the quantity and density of developable residential space.
- DAAR supports the idea of converting older or underutilized commercial space into residential housing units that are affordable for (future) residents of all income levels.
- DAAR supports expanding the capacity for residential construction by applying federal resources to help address construction capacity challenges such as rising construction costs and labor and materials shortages.
- DAAR supports addressing the nationwide underbuilding gap through a coordinated approach that involves planning, funding and developing all forms of infrastructure to not only build more housing, but also build better housing that will be more inclusive and well-integrated into local communities.
Considering the COVID-19 pandemic’s economic setback, as well as the lasting ramifications of the Great Recession in 2008, the lack of housing affordability/stock in the United States remains an issue that is worsening every day. As a result, cities and local communities must take concrete action to support housing affordability and stock in their areas.
The Loudoun County Board of Supervisors has made it a priority to address the housing shortage, and DAAR stands committed to working with them, and members of the community, to meet this critical moment in the industry’s history.
Nationwide housing inventory is lower than it’s been since the National Association of Realtors® (NAR) began tracking this data in 1982. On a local level, as of Q1 2021, Loudoun County only maintains a 12-day supply of housing stock.
Dulles Area Association of REALTORS® | May 2021
National Association of REALTORS® | June 2021
Rosen Consulting Group | June 2021
Virginia REALTORS® | July 2021
DAAR supports local, state and federal policy strategies that will increase housing stock and expand affordable residence options for all Loudouners.