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Washington D.C. | August 2022

Home Demand Index

Buyer demand for homes in the Washington Metro area fell in July according to the Bright MLS | T3 Home Demand Index. The Index, at 110, was down 8.3 percent over the month and 10.6 percent lower than one year earlier.
Demand for all types of homes in the Washington Metro area fell over the month. The Index for higher-priced single-family homes and for higher-priced condos fell 13 percent over the month, more than any other segments of the market. Despite the declines, demand for homes in July was strongest in each of these segments with the Index remaining in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose for each market segment in July, marking the third consecutive month where the months supply increased for all types of Washington Metro area homes. Inventory levels ranged from a 1.6 months supply for mid-priced single-family homes to 3.3 months for higher-priced condos.
Monthly Statistics for August 2022
Home Demand
Index
110
(Moderate)
Home Demand Index
from prior month
120
Home Demand Index
from prior year
123
Index change
from prior month
-8.3%
Index change from
same time last year
-10.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Washington Metro area has been in the Moderate range throughout the spring and early summer. Since the April peak, the Index has decreased by nearly 14 percent. So far this year, the Index has been well below the same period one year earlier. One reason is the accumulating effects of continued increases in home prices along with a rise in mortgage rates since the start of the year that has reduced affordability.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Home Demand Map

Buyer interest in Arlington and Fairfax counties along with Alexandria City was in the High range in July. Demand was Slow in Frederick County and Steady in Montgomery and Prince Georges counties. The Index was in the High range in Southern Maryland and the Maryland-West Virginia Panhandle market areas and at a Moderate level in the North Central Virginia region. Across the Greater Washington area, demand on one-third of ZIP codes was in the High range, down slightly from June, while 12 percent of ZIP codes recorded Moderate demand, up from nine percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Demand and Inventory by Home Type

Demand for all types of homes in the Washington Metro area fell over the month. The Index for higher-priced single-family homes and for higher-priced condos fell 13 percent over the month, more than any other segments of the market. Despite the declines, demand for homes in July was strongest in each of these segments with the Index remaining in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose for each market segment in July, marking the third consecutive month where the months supply increased for all types of Washington Metro area homes. Inventory levels ranged from a 1.6 months supply for mid-priced single-family homes to 3.3 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Single Family Home Below $395k

Demand for lower-priced single-family homes fell in July from an already-low level reflecting Limited buyer interest. The Index was more than one-third lower than one year earlier, reflecting the ongoing weakness in demand. There was a two-month supply, up marginally from June.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
37
(Limited)
Home Demand Index
from prior month
41
Home Demand Index
from prior year
59
Months of
inventory
2
Average daily inventory last month
413
Inventory sold
last month
206
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes, at 118, was down from the previous month, but remained in the Moderate range of buyer demand. Although the months supply rose to 1.6 from 1.2 months in June it was still the lowest of any segment of the Washington Metro market.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
118
(Moderate)
Home Demand Index
from prior month
127
Home Demand Index
from prior year
131
Months of
Inventory
1.6
Average daily inventory last month
2,326
Inventory sold
last month
1,473
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Single Family Home Above $950k

Demand for higher-priced single-family homes cooled in July with the Index falling 13 percent to 228. While down over the month, the Index remained in the High demand category. Unlike other types of Washington Metro area homes demand was higher than one year earlier even after the decline in July. There was a 1.9 months supply, up from 1.3 months in June.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
228
(High)
Home Demand Index
from prior month
263
Home Demand Index
from prior year
180
Months of
Inventory
1.9
Average daily inventory last month
1,202
Inventory sold
last month
647
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Condo Below $570k

Buyer interest in lower-priced condos eased in July but continued to reflect a Moderate pace of demand. The Index was 17 percent lower than one year earlier, however. The months supply rose to 2.1 from 1.8 months in June.
Monthly Statistics for Condo Below $570k
Home Demand
Index
119
(Moderate)
Home Demand Index
from prior month
125
Home Demand Index
from prior year
143
Months of
Inventory
2.1
Average daily inventory last month
1,810
Inventory sold
last month
851
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Condo Above $570k

Along with higher-priced single-family homes, demand for higher-priced condos remained in the High range of buyer interest. Although still reflecting strong demand, the Index was 13 percent lower over the month. The months supply, at 3.3, was up from 2.7 months in June.
Monthly Statistics for Condo Above $570k
Home Demand
Index
147
(High)
Home Demand Index
from prior month
168
Home Demand Index
from prior year
161
Months of
Inventory
3.3
Average daily inventory last month
480
Inventory sold
last month
144
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | August 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment decreased eight percent in July to 112. Despite the decrease, demand remained in the Moderate range. The was a 1.7 months supply of homes on the market, up from 1.3 months in June. Even with the increase, the months supply was lower than any other segment of the market except mid-priced single-family homes.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
112
(Moderate)
Home Demand Index
from prior month
122
Home Demand Index
from prior year
129
Months of
Inventory
1.7
Average daily inventory last month
2,681
Inventory sold
last month
1,592
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 August 2022 period with data collected from the previous month.
Released: August 11, 2022
Reference ID: 1663

Washington D.C. | August 2022

Home Demand Map (Zip Codes)

Buyer interest in Arlington and Fairfax counties along with Alexandria City was in the High range in July. Demand was Slow in Frederick County and Steady in Montgomery and Prince Georges counties. The Index was in the High range in Southern Maryland and the Maryland-West Virginia Panhandle market areas and at a Moderate level in the North Central Virginia region. Across the Greater Washington area, demand on one-third of ZIP codes was in the High range, down slightly from June, while 12 percent of ZIP codes recorded Moderate demand, up from nine percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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