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Washington D.C. | December 2021

Home Demand Index

Demand for homes in the Washington Metro area fell sharply in November, as reflected by the nearly 24 percent decrease in the Bright MLS | T3 Home Demand Index. The Index signaled a Steady level of demand, compared with Moderate demand over the previous four months.
Demand fell for each type of home in November. The higher-priced single-family segment posted the largest drop in November but still recorded Moderate demand following several months of elevated buyer interest. Consistent with the past several months, the lower-priced single-family segment exhibited the weakest demand. Higher-priced condos recorded the strongest demand. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to a 3.3 months supply for higher-priced condos. The months supply was unchanged or down slightly for all market segments over the month.
Monthly Statistics for December 2021
Home Demand
Index
97
(Steady)
Home Demand Index
from prior month
127
Home Demand Index
from prior year
108
Index change
from prior month
-23.6%
Index change from
same time last year
-10.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Home Demand Index | Historical Year-over-Year Comparison

The November decline in home demand is consistent with the usual slowdown at the end of the year. The decrease in buyer interest follows four months of Moderate demand. In addition to the typical seasonal decrease in activity, months of rising home prices and the resulting affordability challenges have likely contributed to the softening of demand.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Home Demand Map

Although demand fell overall, buyer interest remained in the High range in Alexandria City and Arlington County. Demand was Steady in Fairfax and Prince Georges counties, Fall Church City and the District of Columbia. Buyer interest was Moderate in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. Demand in one-fifth of ZIP codes in the Greater Washington area was in the High range compared with more than one-third of ZIP codes in October. More than half of ZIP codes recorded Slow or Limited demand, an increase from 40 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Demand and Inventory by Home Type

Demand fell for each type of home in November. The higher-priced single-family segment posted the largest drop in November but still recorded Moderate demand following several months of elevated buyer interest. Consistent with the past several months, the lower-priced single-family segment exhibited the weakest demand. Higher-priced condos recorded the strongest demand. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to a 3.3 months supply for higher-priced condos. The months supply was unchanged or down slightly for all market segments over the month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes remained very weak. The Index fell 17 percent to 49, reflecting Limited demand. Compared to one year earlier, the Index was more than 40 percent lower. The monthly supply of homes for sale was unchanged in November at 1.6.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
49
(Limited)
Home Demand Index
from prior month
59
Home Demand Index
from prior year
86
Months of
inventory
1.6
Average daily inventory last month
487
Inventory sold
last month
313
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell to 99, a reading consistent with Steady demand, following several months of High demand beginning in the spring. Despite the softening of demand, the Index was little changed from one year earlier. The months supply, at 1.2, was marginally lower compared with October and lower than any other type of Washington area home.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
99
(Steady)
Home Demand Index
from prior month
131
Home Demand Index
from prior year
101
Months of
Inventory
1.2
Average daily inventory last month
1,945
Inventory sold
last month
1,647
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Single Family Home Above $950k

Demand for higher-priced single-family homes decreased to a Moderate pace in November following a period of extraordinarily strong demand since spring. The Index, at 125, was 33 percent lower compared with October, a larger decrease than any other type of home. Although a significant decline, the Index was little changed from one year earlier. The months supply was unchanged from October at 1.7.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
125
(Moderate)
Home Demand Index
from prior month
187
Home Demand Index
from prior year
123
Months of
Inventory
1.7
Average daily inventory last month
794
Inventory sold
last month
476
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Condo Below $570k

Buyer interest in lower-priced condos eased to a Moderate level in November from a High level of demand in October. The Index, at 117, was 19 percent lower over the month and 11 percent below the level one year earlier. The monthly supply of condos fell marginally to 2.6, largely attributable to a drop in the number of listings.
Monthly Statistics for Condo Below $570k
Home Demand
Index
117
(Moderate)
Home Demand Index
from prior month
144
Home Demand Index
from prior year
131
Months of
Inventory
2.6
Average daily inventory last month
2,325
Inventory sold
last month
904
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Condo Above $570k

Consistent with the past several months, demand for higher-priced condos was strong, with an Index reading of 140. Compared with October, demand fell by 25 percent but was marginally higher than one year earlier. The monthly supply of condos fell to 3.3 in November, from 4.6 in October, which is an increase attributable to a rise in sales and a decrease in listings.
Monthly Statistics for Condo Above $570k
Home Demand
Index
140
(High)
Home Demand Index
from prior month
187
Home Demand Index
from prior year
134
Months of
Inventory
3.3
Average daily inventory last month
552
Inventory sold
last month
166
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | December 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Like other Washington Metro area market segments, demand for townhouses fell in November. Demand moved from a High level of buyer interest in October to a Steady level with an Index reading of 103. Demand was marginally lower than one year earlier. The monthly supply was 1.3, down from 1.6 in October. The decline is mostly due to a drop in listings available for sale.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
103
(Steady)
Home Demand Index
from prior month
137
Home Demand Index
from prior year
111
Months of
Inventory
1.3
Average daily inventory last month
2,561
Inventory sold
last month
1,993
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 December 2021 period with data collected from the previous month.
Released: December 11, 2021
Reference ID: 1526

Washington D.C. | December 2021

Home Demand Map (Zip Codes)

Although demand fell overall, buyer interest remained in the High range in Alexandria City and Arlington County. Demand was Steady in Fairfax and Prince Georges counties, Fall Church City and the District of Columbia. Buyer interest was Moderate in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. Demand in one-fifth of ZIP codes in the Greater Washington area was in the High range compared with more than one-third of ZIP codes in October. More than half of ZIP codes recorded Slow or Limited demand, an increase from 40 percent the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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