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Washington D.C. | January 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell 25.3 percent in December to a level reflecting Limited demand for homes. The Index was 18.8 percent lower than one year earlier.
The Index for all types of homes declined in December. Demand for higher-priced single-family homes fell the most, decreasing 37 percent over the month, followed by a 30 percent decline for higher-priced condos. The Index was highest for higher-priced single-family homes and higher-priced condos, although only in the Slow range of demand. Buyer interest was Limited in all other segments. In December, the months supply of inventory fell among all segments except higher-priced condos. The months supply ranged from two months for mid-priced single-family homes to 5.3 month for higher-priced condos.
Monthly Statistics for January 2023
Home Demand
Index
56
(Limited)
Home Demand Index
from prior month
75
Home Demand Index
from prior year
69
Index change
from prior month
-25.3%
Index change from
same time last year
-18.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Washington Metro area was stable through most of the summer and early fall months before dropping steadily since October. Moreover, demand was lower than the year-earlier pace throughout the past 12 months. Challenging affordability conditions, amplified by higher mortgage rates, accounted for some of the decrease in buyer interest along with the usual seasonal decline in market activity at the end of the year.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Home Demand Map

Demand for homes was strongest in Arlington County and Alexandria City in December although the Index was in the Slow range. Buyer interest was Limited in the other counties in the metro area. The Index decreased over the month in each Washington Metro area county. Demand was Slow in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Limited in the North Central Virginia region. Across the Greater Washington market area, demand was in the Slow or Limited range in 84 percent of ZIP codes, compared with 67 percent in November.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Demand and Inventory by Home Type

The Index for all types of homes declined in December. Demand for higher-priced single-family homes fell the most, decreasing 37 percent over the month, followed by a 30 percent decline for higher-priced condos. The Index was highest for higher-priced single-family homes and higher-priced condos, although only in the Slow range of demand. Buyer interest was Limited in all other segments. In December, the months supply of inventory fell among all segments except higher-priced condos. The months supply ranged from two months for mid-priced single-family homes to 5.3 month for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes remained in the Limited category in December. The Index, at 29, was 17 percent lower than November and 24 percent below the year-earlier level. The months supply fell to 2.3 months from 2.9 months in November due to a combination of fewer listings and a small rise in sales.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
29
(Limited)
Home Demand Index
from prior month
35
Home Demand Index
from prior year
38
Months of
inventory
2.3
Average daily inventory last month
391
Inventory sold
last month
167
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Single Family Home $395k - $950k

Demand for mid-priced single-family homes in the Washington Metro area fell in December, moving from a Slow to a Limited pace of buyer activity over the month. There was a two-month supply of homes for sale, down from 2.7 months in November largely due to a drop in the number of listings on the market.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
61
(Limited)
Home Demand Index
from prior month
82
Home Demand Index
from prior year
70
Months of
Inventory
2
Average daily inventory last month
1,797
Inventory sold
last month
881
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Single Family Home Above $950k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes fell by more than one-third reflecting a Slow pace of buyer activity. In November, the Index was in the Moderate category. The decline over the month was greater than any other type of metro area home. The months supply was at 2.4 months, down from 2.7 months in November reflecting a decline in both listings and sales over the month.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
74
(Slow)
Home Demand Index
from prior month
117
Home Demand Index
from prior year
84
Months of
Inventory
2.4
Average daily inventory last month
663
Inventory sold
last month
279
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Condo Below $570k

Buyer interest in lower-priced condos fell in December. The Index, at 67, reflected Limited demand compared with a Steady pace of activity in November. There was as 2.3 months supply of homes for sale, down from 2.8 in November.
Monthly Statistics for Condo Below $570k
Home Demand
Index
67
(Limited)
Home Demand Index
from prior month
83
Home Demand Index
from prior year
90
Months of
Inventory
2.3
Average daily inventory last month
1,303
Inventory sold
last month
569
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Condo Above $570k

Demand for higher-priced condos retreated in December to a Slow pace of buyer activity. The Index, at 72, was 30 percent lower over the month. There was a 5.3 months supply, an increase from 4.6 months in November.
Monthly Statistics for Condo Above $570k
Home Demand
Index
72
(Slow)
Home Demand Index
from prior month
103
Home Demand Index
from prior year
86
Months of
Inventory
5.3
Average daily inventory last month
379
Inventory sold
last month
71
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | January 2023

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses dropped 27 percent to 57 in December. Other than lower-priced single-family homes, the townhouse segment attracted lower buyer interest than any segment of the Washington Metro area market. The months supply was 2.1 months, a drop from 2.5 months in November reflecting decreases in listings and sales.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
57
(Limited)
Home Demand Index
from prior month
78
Home Demand Index
from prior year
73
Months of
Inventory
2.1
Average daily inventory last month
2,041
Inventory sold
last month
966
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 January 2023 period with data collected from the previous month.
Released: January 11, 2023
Reference ID: 1747

Washington D.C. | January 2023

Home Demand Map (Zip Codes)

Demand for homes was strongest in Arlington County and Alexandria City in December although the Index was in the Slow range. Buyer interest was Limited in the other counties in the metro area. The Index decreased over the month in each Washington Metro area county. Demand was Slow in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Limited in the North Central Virginia region. Across the Greater Washington market area, demand was in the Slow or Limited range in 84 percent of ZIP codes, compared with 67 percent in November.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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