December 2023 Report
Washington D.C. Metro
Washington D.C. | December 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area decreased 3.4 percent to 56, a level signaling continued Limited buyer demand. The Index was 26.3 percent lower than one year earlier.
While demand for entry-level single-family homes rose slightly in November, buyer interest in all other types of homes across the Washington Metro area decreased. The Index for luxury condos and luxury single-family homes fell the most, down by 23 percent and 14 percent, respectively. Despite the decrease in November, buyer interest was strongest for luxury condos, which attracted Slow demand, followed by entry-level condos with Limited buyer interest. Demand was weakest for mid-market single-family homes. The months supply was flat or somewhat higher for all types of homes except luxury condos. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.1 months supply for luxury condos.
Monthly Statistics for December 2023
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
58
Home Demand Index
from prior year
from prior year
76
Index change
from prior month
from prior month
-3.4%
Index change from
same time last year
same time last year
-26.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Washington Metro area fell slightly in November following a partial rebound in October from the steep September decline. Overall, demand has trended down since peaking in April when buyer interest was in the Steady category. The decrease in the Index has been driven by the usual seasonal slowdown in buyer activity in the second half of the year along with challenging affordability conditions for buyers and limited inventory of homes for sale at most price points.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Home Demand Map
In the Washington Metro area, demand for homes was strongest in Arlington County, with Steady buyer interest, and in Alexandria City with Slow demand. Buyer interest was Limited in the other metro area counties. The weakest level of demand was in Frederick, Loudoun and Montgomery counties. There was a Slow pace of buyer interest in the Maryland-West Virginia Panhandle region and in Southern Maryland and Limited demand in North Central Virginia. Across the Greater Washington area demand was in the High or Moderate ranges in 10 percent of ZIP codes and Slow or Limited in 85 percent of communities, unchanged from October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Demand and Inventory by Home Type
While demand for entry-level single-family homes rose slightly in November, buyer interest in all other types of homes across the Washington Metro area decreased. The Index for luxury condos and luxury single-family homes fell the most, down by 23 percent and 14 percent, respectively. Despite the decrease in November, buyer interest was strongest for luxury condos, which attracted Slow demand, followed by entry-level condos with Limited buyer interest. Demand was weakest for mid-market single-family homes. The months supply was flat or somewhat higher for all types of homes except luxury condos. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.1 months supply for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Single Family Home Below $520k
The Bright MLS | T3 Home Demand Index for entry-level single-family homes increased 7 percent in November to 58 reflecting a Limited level of buyer interest. Despite the increase over the month, demand was roughly one-third lower compared with a year earlier. The inventory of homes for sale, at 2.5 months supply, was marginally higher than October.
Monthly Statistics for Single Family Home Below $520k
Home Demand
Index
Index
58
(Limited)
Home Demand Index
from prior month
from prior month
54
Home Demand Index
from prior year
from prior year
85
Months of
inventory
inventory
2.5
Average daily inventory last month
766
Inventory sold
last month
last month
309
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Single Family Home $520k - $1225k
Demand for mid-market single-family homes was lower in November with the Index decreasing 4 percent over the month to 48, a level consistent with a Limited pace of buyer interest. Moreover, buyer interest was weaker than any other segment of the metro area market. The months supply, at 1.8 months, was unchanged from October.
Monthly Statistics for Single Family Home $520k - $1225k
Home Demand
Index
Index
48
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
69
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,361
Inventory sold
last month
last month
767
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Single Family Home Above $1225k
Buyer interest in luxury single-family homes was down in November according to the Bright MLS | T3 Home Demand Index. The Index, at 62, was 14 percent lower over the month and indicated a Limited pace of demand. There was a 3.3 months supply of homes available for sale, up from 3 months in October.
Monthly Statistics for Single Family Home Above $1225k
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
72
Home Demand Index
from prior year
from prior year
66
Months of
Inventory
Inventory
3.3
Average daily inventory last month
630
Inventory sold
last month
last month
191
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Condo Below $565k
Demand for entry-level condos was marginally lower in November according to the Bright MLS | T3 Home Demand Index. At 68, the Index was consistent with a Limited pace of buyer interest. There was a 2.8 months supply of homes available for sale, up from 2.5 months in October.
Monthly Statistics for Condo Below $565k
Home Demand
Index
Index
68
(Limited)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
84
Months of
Inventory
Inventory
2.8
Average daily inventory last month
1,394
Inventory sold
last month
last month
490
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Condo Above $565k
The Index for luxury condos fell 23 percent in November signaling a Limited pace of demand compared with Steady buyer interest in October. Although declining over the month, buyer interest in this segment of the metro area market was still stronger than any other. The months supply, at 4.1, was down from 4.6 months in October.
Monthly Statistics for Condo Above $565k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
103
Months of
Inventory
Inventory
4.1
Average daily inventory last month
412
Inventory sold
last month
last month
101
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | December 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses was down 7 percent in November and remained in the Limited category of buyer interest. Moreover, the Index was 29 percent lower compared with one year earlier. The months supply, at 2.3, was marginally higher than the previous month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
55
(Limited)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
78
Months of
Inventory
Inventory
2.3
Average daily inventory last month
2,060
Inventory sold
last month
last month
878
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 2023 period with data collected from the previous month.
Released: December 11, 2023
Reference ID: 1944
Washington D.C. | December 2023
Home Demand Map (Zip Codes)
In the Washington Metro area, demand for homes was strongest in Arlington County, with Steady buyer interest, and in Alexandria City with Slow demand. Buyer interest was Limited in the other metro area counties. The weakest level of demand was in Frederick, Loudoun and Montgomery counties. There was a Slow pace of buyer interest in the Maryland-West Virginia Panhandle region and in Southern Maryland and Limited demand in North Central Virginia. Across the Greater Washington area demand was in the High or Moderate ranges in 10 percent of ZIP codes and Slow or Limited in 85 percent of communities, unchanged from October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com