Washington D.C. Metro

July 2024 | 
Home Demand Index: 74 | 
Tier: Slow

Metro Area Overview

The Home Demand Index (HDI) for this report period stands at 74, indicating a continued slow pace of buyer interest in the overall market. This represents a decline from last month’s index of 87 and is significantly lower than the index of 91 recorded one year ago. The downward trend underscores the ongoing softening of market conditions due to evolving economic factors.
The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Washington D.C. Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.
Metro Market Trend Data by Bright MLS | T3 Home Demand Index
Each of the market areas listed above are defined as follows:
  • Maryland-West Virginia Panhandle – Allegany, MD; Berkeley, WV; Garrett, MD; Grant, WV; Hampshire, WV; Hardy, WV; Jefferson, WV; Mineral, WV; Morgan, WV; Pendleton, WV; Washington, MD;
  • North Central Virginia – Caroline, VA; Clarke, VA; Culpeper, VA; Fauquier, VA; Frederick, VA; Fredericksburg City, VA; King George, VA; Madison, VA; Manassas City, VA; Orange, VA; Page, VA; Prince William, VA; Rappahannock, VA; Shenandoah, VA; Spotsylvania, VA; Stafford, VA; Warren, VA; Winchester City, VA;
  • Southern Maryland – Calvert, MD; Charles, MD; Saint Marys, MD;
  • Washington D.C. Metro – Alexandria City, VA; Arlington, VA; Fairfax, VA; Falls Church City, VA; Frederick, MD; Loudoun, VA; Montgomery, MD; Prince Georges, MD; Washington, DC;

Washington D.C. | July 2024

Home Demand Index

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The Home Demand Index (HDI) for this report period stands at 74, indicating a continued slow pace of buyer interest in the overall market. This represents a decline from last month’s index of 87 and is significantly lower than the index of 91 recorded one year ago. The downward trend underscores the ongoing softening of market conditions due to evolving economic factors.
In the current report period, the Home Demand Index shows varied buyer interest across different home types in the Washington D.C. Metro area. Demand for luxury single-family homes and condos remained robust, with these segments experiencing the highest levels of buyer activity. Despite strong demand, inventory levels remained constrained across all segments, leading to competitive market conditions.
Monthly Statistics for July 2024
Home Demand
Index
74
(Slow)
Home Demand Index
from prior month
87
Home Demand Index
from prior year
91
Index change
from prior month
-14.9%
Index change from
same time last year
-18.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com