Washington D.C. Metro

May 2023 |

Home Demand Index: 90 |

Tier: Steady

Metro Area Overview

The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 3.4 percent in April to 90, a level that is consistent with a Steady pace of buyer demand. Although marking the fourth consecutive monthly increase, the Index was 29.1 percent lower than one year earlier.

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;

Market Trend Map

The Market Trend Map for the Washington D.C. Metro pulls the county map from the monthly reports and combines to provide a time-lapse of the overall market. Use the navigation at the bottom to toggle between months.

Washington D.C. Metro County-Level Market Trend Map | Home Demand Index

Washington D.C. | May 2023

Home Demand Index

Buyer interest in entry-level condos was down marginally, while the Index for all other segments rose slightly. The Index was well below the year-earlier level across all segments with luxury single-family homes 40 percent lower, more than any other segment of the metro market. Demand was strongest for luxury condos, which continued to attract a High level of buyer interest, and in the Moderate category for luxury single-family homes. Buyer interest was in the Slow or Steady range for all other segments of the market. The months supply changed little in April compared with March but remained relatively lean among most segments of the market. The months supply ranged from 1.2 months for mid-market single-family homes to 3.5 months for luxury condos.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

127

Index change
from prior month

3.4%

Index change from
same time last year

-29.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | April 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 7.8 percent to 83 in March but remained in the Slow category. Compared with one year earlier, the Index was 30.8 percent lower.

The Index for entry-level single-family homes fell in March but rose for all other types of homes. Demand increased the most for luxury single-family homes and luxury condos. In each instance the Index increased by 26 percent over the month. Buyer interest remained strongest for luxury condos with demand in the High category. The Index was in the Slow or Steady category for all other segments of the metro area market. The months supply decreased among all types of homes stemming mostly from an increase in sales and little change in the number of listings. The months supply ranged from 1.3 months for mid-market single-family homes to 3.2 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

120

Index change
from prior month

7.8%

Index change from
same time last year

-30.8%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | March 2023

Home Demand Index

Buyer interest in Washington Metro area homes eased in February. The Bright MLS | T3 Home Demand Index decreased 2.7 percent to 72, a reading consistent with a Slow pace of buyer activity. Compared with one year earlier, the Index was one-third lower.

Demand for all types of homes softened in February except for luxury single-family homes, which rose by one-fifth. Although declining over the month, buyer interest was strongest for luxury condos with demand in the Steady category. The Index was in the Limited range for mid-market single-family homes and in the Slow category among the remaining segments of the market. The months supply ranged from 1.7 months for mid-market single-family homes to 3.6 months for luxury condos. The months supply fell for each type of home in February compared with the month before.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

109

Index change
from prior month

-2.7%

Index change from
same time last year

-33.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | February 2023

Home Demand Index

Demand for homes in the Washington Metro area rose in January. The Bright MLS | T3 Home Demand Index was up 24.6 percent over the month, reflecting a Slow pace of buyer activity. The Index was 16.5 percent lower than one year earlier.

Demand for all types of homes rose in January. The Index for luxury single-family homes and luxury condos increased the most, each up by roughly 50 percent over the month. Buyer interest was strongest for luxury condos, those priced above $570,000, with demand in the Steady category. Demand for all other types of homes was Slow or Limited. The months supply ranged from 2.4 months for mid-priced single-family homes and townhouses to 5.5 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

24.6%

Index change from
same time last year

-16.5%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | January 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell 25.3 percent in December to a level reflecting Limited demand for homes. The Index was 18.8 percent lower than one year earlier.

The Index for all types of homes declined in December. Demand for higher-priced single-family homes fell the most, decreasing 37 percent over the month, followed by a 30 percent decline for higher-priced condos. The Index was highest for higher-priced single-family homes and higher-priced condos, although only in the Slow range of demand. Buyer interest was Limited in all other segments. In December, the months supply of inventory fell among all segments except higher-priced condos. The months supply ranged from two months for mid-priced single-family homes to 5.3 month for higher-priced condos.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-25.3%

Index change from
same time last year

-18.8%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | December 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area decreased 16.7 percent in November to 75 reflecting a Slow pace of market activity. The HDI was 22.7 percent lower than the same month one year earlier.

Demand for all types of homes fell over the month. The HDI for higher-priced single-family homes fell the most, decreasing 26 percent in November, followed by a 19 percent decline for higher-priced condos and townhouses. Although decreasing more than any other segment over the month, the Moderate pace of demand for higher-priced single-family homes was greater than any other segment in November. Buyer interest was Limited for lower-priced single-family homes, Steady for higher-priced condos and Slow among the remaining market segments. The months supply of inventory rose for each type of home in November. The months supply ranged from 2.5 months for townhouses to 4.6 months for higher-priced condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-16.7%

Index change from
same time last year

-22.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | November 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index dropped 14.3 percent to 90 in October, a reading that reflects a Steady pace of buyer interest in Washington Metro area homes. The Index was 29.1 percent lower than one year earlier.

Demand for all types of homes fell over the month. The Index for higher-priced condos decreased 26 percent in October, more than any other segment of the market. The Index for other types of homes was down between 12 percent and 18 percent. Demand was strongest for higher-priced single-family homes with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate or Steady for the remaining types of homes. The months supply of inventory ranged from 2.3 months for mid-priced single-family homes to 4.3 months for higher-priced condos. Changes in the months supply in October were mixed. The months supply rose for mid-priced single-family homes, lower-priced condos and townhouses but fell among the other segments.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

105

Home Demand Index
from prior year

127

Index change
from prior month

-14.3%

Index change from
same time last year

-29.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

All reports for the Washington D.C. Market Area.

Washington D.C. | May 2023

Washington D.C. | April 2023

Washington D.C. | March 2023

Washington D.C. | February 2023

Washington D.C. | January 2023

Washington D.C. | December 2022

Washington D.C. | November 2022

Washington D.C. | October 2022

Washington D.C. | September 2022

Washington D.C. | August 2022

Washington D.C. | July 2022

Washington D.C. | June 2022

Washington D.C. | May 2022

Washington D.C. | April 2022

Washington D.C. | March 2022

Washington D.C. | February 2022

Washington D.C. | January 2022

Washington D.C. | December 2021

Washington D.C. | November 2021

Washington D.C. | October 2021

Washington D.C. | September 2021

Washington D.C. | August 2021

Washington D.C. | July 2021

Washington D.C. | June 2021

Washington D.C. | May 2021

Washington D.C. | April 2021

Washington D.C. | March 2021

Washington D.C. | February 2021

Washington D.C. | January 2021

Washington D.C. | December 2020

Washington D.C. | November 2020

Washington D.C. | October 2020

List of available data files that include the Washington D.C. Market Area.

Philadelphia | May 2023

Philadelphia | April 2023

Philadelphia | March 2023