Yes. For zakat on money, gold, silver, and trade goods, a full lunar (hijri) year — called the ḥawl — must pass over wealth that has reached the niṣāb before zakat becomes obligatory, based on the hadith of Ibn ʿUmar that there is no zakat on wealth until a year passes over it. The year is counted from the day your wealth first reached the niṣāb, and if it drops below the threshold during the year the count restarts from when it next reaches niṣāb. Crops and fruits are an exception: their zakat (ʿushr) is due on the day of harvest, not after a year (Quran 6:141), and the profit or offspring of zakatable wealth follows the ḥawl of its parent capital.
Informational, not a personal fatwa. Consult a qualified scholar for rulings on your situation.