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Washington D.C. | July 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington MLS market area fell slightly to a reading of 146 in June but was seven percent higher than one year earlier. Buyer interest has been in the High range for four consecutive months following the seasonal low in activity before the start of the spring homebuying rush.
Buyer demand was in the High category among all types of homes except lower-priced single-family where demand was Limited. Buyer interest in each single-family segment softened in June but was marginally higher in the condo and townhouse segments. The inventory of homes for sale remained low, ranging from just 0.8 months supply for mid-priced single-family homes to 2.2 months supply in each of the condo segments. While the months supply fell in the higher-priced condo segment it was virtually unchanged among other types of homes in June.
Monthly Statistics for July 2021
Home Demand
Index
146
(High)
Home Demand Index
from prior month
148
Home Demand Index
from prior year
136
Index change
from prior month
-1.4%
Index change from
same time last year
7.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Home Demand Index | Historical Year-over-Year Comparison

Buyer interest in Washington area homes declined for the second month in June after peaking in April. During this two-month period, the Index fell by eight percent as intense competition for a limited inventory of homes continued to push up prices and reduce affordability for many would-be buyers. Still, demand for homes has exceeded year-earlier levels for each of the past 12 months.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Home Demand Map

Fifty-eight percent of ZIP codes in the Washington market area recorded an Index in the High category, down from two-thirds the previous month. Approximately one-in-ten ZIP codes were in the Slow or Limited category, up somewhat from May. While areas of lower demand were evident across the entire market area, demand was Steady or Limited in several southern Maryland ZIP codes.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Demand and Inventory by Home Type

Buyer demand was in the High category among all types of homes except lower-priced single-family where demand was Limited. Buyer interest in each single-family segment softened in June but was marginally higher in the condo and townhouse segments. The inventory of homes for sale remained low, ranging from just 0.8 months supply for mid-priced single-family homes to 2.2 months supply in each of the condo segments. While the months supply fell in the higher-priced condo segment it was virtually unchanged among other types of homes in June.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Single Family Home Below $395k

Demand for single-family homes priced below $395,000 fell by 16 percent with an Index of just 62 in June. Over the month, demand declined the most in this segment of the Washington market and remained well below the level one year earlier. Inventory conditions were stable with the months supply at 1.2, unchanged from May.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
62
(Limited)
Home Demand Index
from prior month
74
Home Demand Index
from prior year
104
Months of
inventory
1.2
Average daily inventory last month
354
Inventory sold
last month
299
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes eased in June, declining to 158. Despite the decrease, the Index remained in the High range. The number of homes available for sale was extremely low relative to the pace of sales. There has been less than a one-month supply of homes for sale since February, with a June reading of 0.8.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
158
(High)
Home Demand Index
from prior month
164
Home Demand Index
from prior year
142
Months of
Inventory
0.8
Average daily inventory last month
1,492
Inventory sold
last month
1,932
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Single Family Home Above $950k

Demand for single-family homes priced above $950,000 remained well above the threshold indicating a High level of buyer interest with a June Index of 233. In fact, buyer interest in this segment has been the highest of any type of Washington area home since February. The months supply fell to 1.1 in June from 1.3 in May continuing a period of tightening inventory that begin in January when the months supply was 2.1.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
233
(High)
Home Demand Index
from prior month
243
Home Demand Index
from prior year
181
Months of
Inventory
1.1
Average daily inventory last month
853
Inventory sold
last month
754
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Condo Below $570k

Buyer interest in lower-priced condos rose marginally in June, posting the fifth consecutive month in the High range. The months supply of condos for sale was 2.2 in June, down from 2.3 months in May. The inventory of condos for sale has been within a narrow range between two- and 2.3-months supply since the beginning of the year.
Monthly Statistics for Condo Below $570k
Home Demand
Index
169
(High)
Home Demand Index
from prior month
165
Home Demand Index
from prior year
133
Months of
Inventory
2.2
Average daily inventory last month
2,557
Inventory sold
last month
1,169
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Condo Above $570k

The Bright MLS | T3 Home Demand Index for condos priced above $570,000 rose four percent in June to 198. Demand has been consistently in the High range since the beginning of the year. Rising sales have pressured would-be buyers hindered by limited inventory. In June, the months supply was 2.2, down from 2.7 in May and down from 4.6 months at the start of the year.
Monthly Statistics for Condo Above $570k
Home Demand
Index
198
(High)
Home Demand Index
from prior month
190
Home Demand Index
from prior year
163
Months of
Inventory
2.2
Average daily inventory last month
551
Inventory sold
last month
252
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Index for townhouses rose slightly in June to 144, up from 140 in May. Buyer interest in this segment has been in the High range since March with townhouses an option for some buyers priced out of the single-family market. Sales rose in the early months of the year, although the inventory of townhouses on the market also increased. In June there was a one-month supply up from 0.8 in both March and April.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
144
(High)
Home Demand Index
from prior month
140
Home Demand Index
from prior year
137
Months of
Inventory
1
Average daily inventory last month
1,849
Inventory sold
last month
1,915
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 July 2021 period with data collected from the previous month.
Released: July 11, 2021
Reference ID: 1316

Washington D.C. | July 2021

Home Demand Map (Zip Codes)

Fifty-eight percent of ZIP codes in the Washington market area recorded an Index in the High category, down from two-thirds the previous month. Approximately one-in-ten ZIP codes were in the Slow or Limited category, up somewhat from May. While areas of lower demand were evident across the entire market area, demand was Steady or Limited in several southern Maryland ZIP codes.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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