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Washington D.C. | April 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area increased by 9.2 percent in March to 119, reflecting a Moderate level of buyer interest. Demand in February was Steady.
The Index rose for each type of home in March, except for lower-priced single-family. The greatest increases in the Index were in the mid- and higher-priced single-family and higher-priced condo segments, with gains between 13 percent and 15 percent over the month. Overall, demand was strongest in the higher-priced single-family and condo segments, each in the High range. Inventory conditions tightened in March with a drop in months supply for each type of home as sales gains further depleted already-low inventory. Inventory levels ranged from a 0.8 months supply for mid-priced single-family homes and townhouses to a two-month supply for higher-priced condos.
Monthly Statistics for April 2022
Home Demand
Index
119
(Moderate)
Home Demand Index
from prior month
109
Home Demand Index
from prior year
146
Index change
from prior month
9.2%
Index change from
same time last year
-18.5%
Bright MLS | T3 Home Demand Index

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Washington D.C. | April 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for Washington Metro area homes rose for the third consecutive month in March after reaching a seasonal low in December. While the Index rose during the past three months, it remained more than 18 percent below the level one year earlier. With continued increases in home prices and an uptick in mortgage rates, demand has been somewhat lower than last year.

Home Demand Index

Bright MLS | T3 Home Demand Index

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Washington D.C. | April 2022

Home Demand Map

Buyer interest in Arlington and Fairfax counties and Alexandria City was in the High category in March. Demand was Steady in Montgomery County and Slow in Frederick County and in the Moderate range throughout the rest of the metro area. Demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market area and Steady in the North Central Virginia region. Across the Greater Washington area, demand in one-third of ZIP codes was in the High category, up from 27 percent in February. Buyer interest in roughly one-third of ZIP codes was either Slow or Limited versus one-half of ZIP codes in February.
Bright MLS | T3 Home Demand Index

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Washington D.C. | April 2022

Demand and Inventory by Home Type

The Index rose for each type of home in March, except for lower-priced single-family. The greatest increases in the Index were in the mid- and higher-priced single-family and higher-priced condo segments, with gains between 13 percent and 15 percent over the month. Overall, demand was strongest in the higher-priced single-family and condo segments, each in the High range. Inventory conditions tightened in March with a drop in months supply for each type of home as sales gains further depleted already-low inventory. Inventory levels ranged from a 0.8 months supply for mid-priced single-family homes and townhouses to a two-month supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | April 2022

Single Family Home Below $395k

Demand for lower-priced single-family homes remained weak in March. The Index was virtually unchanged at 45 reflecting Limited buyer interest. Compared with one year earlier, demand was down by nearly half. There was just a 1.3 months supply in March, down slightly from February.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
45
(Limited)
Home Demand Index
from prior month
47
Home Demand Index
from prior year
84
Months of
inventory
1.3
Average daily inventory last month
315
Inventory sold
last month
246
Bright MLS | T3 Home Demand Index

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Washington D.C. | April 2022

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes rose in March to 124, reflecting a Moderate pace of demand. The Index was more than 20 percent lower than one year earlier suggesting that rising mortgage rates and deteriorating affordability may have sidelined some would-be buyers at this price point. Additionally, with only a 0.8 months supply of homes available for sale, the home search continued to be challenging.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
124
(Moderate)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
157
Months of
Inventory
0.8
Average daily inventory last month
1,048
Inventory sold
last month
1,377
Bright MLS | T3 Home Demand Index

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Washington D.C. | April 2022

Single Family Home Above $950k

Strong demand continued to characterize the higher-priced single-family segment of the Washington Metro market. The Index, at 233, not only increased over the month, but was higher than one year earlier. There was just a 0.9 months supply of homes available for sale, a decrease from the February months supply of 1.4 months.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
233
(High)
Home Demand Index
from prior month
203
Home Demand Index
from prior year
220
Months of
Inventory
0.9
Average daily inventory last month
524
Inventory sold
last month
561
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | April 2022

Condo Below $570k

The Bright MLS | T3 Home Demand Index for the lower-priced condo segment was up slightly in March to 132, indicating a High degree of buyer interest. Although rising over the month, the Index was 20 percent lower than one year earlier suggesting that the market remains challenging, especially for first-time buyers who may find condos an attractive alternative to single-family homes. Inventory conditions remained very tight. The months supply was 1.5 in March, declining from 1.9 months in February.
Monthly Statistics for Condo Below $570k
Home Demand
Index
132
(High)
Home Demand Index
from prior month
128
Home Demand Index
from prior year
166
Months of
Inventory
1.5
Average daily inventory last month
1,469
Inventory sold
last month
994
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | April 2022

Condo Above $570k

Demand for higher-priced condos remained in the High category in March. The Index rose 14 percent in March to 184. Demand was somewhat lower than one year earlier, however. There was a two-month supply of homes available for sale, down from 2.5 months in February.
Monthly Statistics for Condo Above $570k
Home Demand
Index
184
(High)
Home Demand Index
from prior month
161
Home Demand Index
from prior year
199
Months of
Inventory
2
Average daily inventory last month
375
Inventory sold
last month
191
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | April 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Buyer interest in townhouses rose in March but remained in the Moderate range of demand. The Index, at 121, was up 10 percent in March but was lower than year earlier. Like other segments of the Washington Metro market, inventory conditions were very challenging in March. There was a 0.8 months supply, which was down from an already low one-month supply in February.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
121
(Moderate)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
142
Months of
Inventory
0.8
Average daily inventory last month
1,438
Inventory sold
last month
1,736
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Note

1. This report is generated with data from the following counties:
  • 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;
2. This report is for the April 2022 period with data collected from the previous month.
Released: April 11, 2022
Reference ID: 1601

Washington D.C. | April 2022

Home Demand Map (Zip Codes)

Buyer interest in Arlington and Fairfax counties and Alexandria City was in the High category in March. Demand was Steady in Montgomery County and Slow in Frederick County and in the Moderate range throughout the rest of the metro area. Demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market area and Steady in the North Central Virginia region. Across the Greater Washington area, demand in one-third of ZIP codes was in the High category, up from 27 percent in February. Buyer interest in roughly one-third of ZIP codes was either Slow or Limited versus one-half of ZIP codes in February.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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