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Washington D.C. | February 2022

Home Demand Index

Demand for homes in the Washington Metro area rose in January following two months of seasonal declines in year-end buyer activity. The Bright MLS | T3 Home Demand Index rose slightly more than 23 percent in January to 85, reflecting a Slow pace of home demand. The Index was in the Limited range in December.
The Index rose for each type of home in January with the greatest increases in higher-priced single-family homes and higher-priced condos, each rising by more than half compared with December. In addition to rising the most, demand was strongest for higher-priced single-family homes and higher-priced condos. The lower- priced single-family segment exhibited the weakest demand. The months supply rose for all market segments with inventory levels ranging from just 0.9 months supply for mid-priced single-family homes to a three-month supply for higher-priced condos.
Monthly Statistics for February 2022
Home Demand
Index
85
(Slow)
Home Demand Index
from prior month
69
Home Demand Index
from prior year
111
Index change
from prior month
23.2%
Index change from
same time last year
-23.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Home Demand Index | Historical Year-over-Year Comparison

Buyer interest in Washington area homes rose in January as would-be buyers began their search in the run-up to the spring homebuying market. In January, the Index was more than 23 percent lower than one year earlier signaling a somewhat lower level of demand at the start of this year’s spring market. The Index has been below the level one year earlier since the middle of 2021 due to factors including limited inventory, which held down sales, and decreasing affordability as home prices continued to rise.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Home Demand Map

Buyer interest in Arlington County and Alexandria City homes was High in January. Other counties in the Washington Metro areas recorded buyer demand ranging from Steady in the District of Columbia and Prince Georges County to Limited in Frederick County and Falls Church City. Demand was Moderate in Southern Maryland, Steady in the Maryland-West Virginia Panhandle market area and Limited in the North Central Virginia region. Across the Greater Washington area, demand in one-quarter of ZIP codes was in the High or Moderate range roughly double compared with December. Forty-seven percent of ZIP codes recorded a Limited pace of demand, down from 56 percent in December.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Demand and Inventory by Home Type

The Index rose for each type of home in January with the greatest increases in higher-priced single-family homes and higher-priced condos, each rising by more than half compared with December. In addition to rising the most, demand was strongest for higher-priced single-family homes and higher-priced condos. The lower- priced single-family segment exhibited the weakest demand. The months supply rose for all market segments with inventory levels ranging from just 0.9 months supply for mid-priced single-family homes to a three-month supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes in the Washington Metro area was virtually unchanged in January according to the Bright MLS | T3 Home Demand Index. The Index, at 38, reflected Limited demand for homes in this segment. Compared with one year earlier, the Index was down by half, underscoring the weakness in demand for homes in this segment during the past several months. There was a 1.4 months supply of homes for sale, nearly unchanged from December.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
38
(Limited)
Home Demand Index
from prior month
37
Home Demand Index
from prior year
79
Months of
inventory
1.4
Average daily inventory last month
326
Inventory sold
last month
236
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Single Family Home $395k - $950k

Demand for mid-priced single-family homes was Slow in January, signaling a moderately higher level of buyer interest compared with the Limited pace in December. The months supply of homes remained extremely low. There was just 0.9 months of available inventory for sale, the lowest level since the middle of last year and lower than any other type of home in the Washington Metro area.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
82
(Slow)
Home Demand Index
from prior month
69
Home Demand Index
from prior year
107
Months of
Inventory
0.9
Average daily inventory last month
897
Inventory sold
last month
975
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Single Family Home Above $950k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes rose to 128, an increase of more than 50 percent from December. Elevated demand for higher-priced homes has characterized the Washington Metro market for several months. The months supply remained relatively low in January at 1.7 although an increase from 1.1 months in December.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
128
(Moderate)
Home Demand Index
from prior month
84
Home Demand Index
from prior year
142
Months of
Inventory
1.7
Average daily inventory last month
409
Inventory sold
last month
241
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Condo Below $570k

Demand for lower-priced condos was Moderate in January, an increase in buyer interest from December’s Steady pace. The Index, at 112, was up by one-fourth over the month. Buyer interest was somewhat lower compared with one year earlier, however. The months supply of condos rose over the month to 2.1 months from 1.9 months in December.
Monthly Statistics for Condo Below $570k
Home Demand
Index
112
(Moderate)
Home Demand Index
from prior month
90
Home Demand Index
from prior year
144
Months of
Inventory
2.1
Average daily inventory last month
1,466
Inventory sold
last month
697
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Condo Above $570k

The Bight MLS | T3 Home Demand Index for higher-priced condos increased sharply in January to 148, reflecting a High level of buyer interest. Additionally, demand was only seven percent lower than one year earlier. There was a three-month supply of homes on the market, relatively more favorable conditions for condo buyers compared with other segments of the Washington Metro market.
Monthly Statistics for Condo Above $570k
Home Demand
Index
148
(High)
Home Demand Index
from prior month
86
Home Demand Index
from prior year
159
Months of
Inventory
3
Average daily inventory last month
331
Inventory sold
last month
109
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | February 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Demand for townhouses remained in the Slow range in January according to the Bright MLS | T3 Home Demand Index. The Index, at 89, was up 22 percent over the month, but was 18 percent lower than one year earlier. The months supply rose to 1.2 from a one-month supply in December. Only mid-priced single-family homes had a lower months supply.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
89
(Slow)
Home Demand Index
from prior month
73
Home Demand Index
from prior year
109
Months of
Inventory
1.2
Average daily inventory last month
1,363
Inventory sold
last month
1,100
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 February 2022 period with data collected from the previous month.
Released: February 11, 2022
Reference ID: 1568

Washington D.C. | February 2022

Home Demand Map (Zip Codes)

Buyer interest in Arlington County and Alexandria City homes was High in January. Other counties in the Washington Metro areas recorded buyer demand ranging from Steady in the District of Columbia and Prince Georges County to Limited in Frederick County and Falls Church City. Demand was Moderate in Southern Maryland, Steady in the Maryland-West Virginia Panhandle market area and Limited in the North Central Virginia region. Across the Greater Washington area, demand in one-quarter of ZIP codes was in the High or Moderate range roughly double compared with December. Forty-seven percent of ZIP codes recorded a Limited pace of demand, down from 56 percent in December.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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