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Washington D.C. | July 2022

Home Demand Index

Demand for Washington Metro area homes rose slightly in June according to the Bright MLS | T3 Home Demand Index. The Index rose 1.7 percent over the month to 120, reflecting a Moderate pace of demand.
Demand for all types of homes in the Washington Metro area changed little over the month. The Index for townhouses rose seven percent while demand for higher-priced condos fell five percent. The change in the Index for all other segments was within this range. Demand for homes in June was strongest for higher-priced single-family homes and higher-priced condos each with an Index in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose marginally for each market segment in June compared with the previous month, the second consecutive month of across-the-board increases in months supply. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to 2.7 months for higher-priced condos.
Monthly Statistics for July 2022
Home Demand
Index
120
(Moderate)
Home Demand Index
from prior month
118
Home Demand Index
from prior year
148
Index change
from prior month
1.7%
Index change from
same time last year
-18.9%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Washington Metro area changed little in June and remained at a Moderate level where it has been since March. Despite rising mortgage rates, demand in June was only slightly lower than the April peak level of buyer interest during the height of the spring market. The Index was nearly 19 percent lower than one year earlier, however.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Home Demand Map

Although demand was at a Moderate level for the Washington Metro area overall, buyer interest in Arlington, Fairfax and Loudoun counties and Alexandria City and Falls Church City was in the High category in June. Buyer interest was in the Steady range in the suburban Maryland counties. Outside the metro area, demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market areas and Moderate in the North Central Virginia region. Across the Greater Washington Metro area, demand in 38 percent of ZIP codes was in the High category, unchanged from May. In 37 percent of ZIP codes, demand was in the Slow or Limited range, down slightly from 40 percent in May.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Demand and Inventory by Home Type

Demand for all types of homes in the Washington Metro area changed little over the month. The Index for townhouses rose seven percent while demand for higher-priced condos fell five percent. The change in the Index for all other segments was within this range. Demand for homes in June was strongest for higher-priced single-family homes and higher-priced condos each with an Index in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose marginally for each market segment in June compared with the previous month, the second consecutive month of across-the-board increases in months supply. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to 2.7 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Single Family Home Below $395k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes was unchanged in June at just 40, a level consistent with Limited buyer interest. Demand in this segment has been weak for several months and is currently more than 40 percent lower than one year earlier. To the extent that low inventory levels account for the weak demand, the June increase in the months supply to 1.9 months from 1.4 months in May will give buyers at this price point greater choice when searching for homes.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
40
(Limited)
Home Demand Index
from prior month
40
Home Demand Index
from prior year
69
Months of
inventory
1.9
Average daily inventory last month
359
Inventory sold
last month
193
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Single Family Home $395k - $950k

Demand for mid-priced single-family homes was virtually unchanged in June with an Index reading of 126. Buyer interest remained in the Moderate range. The months supply of homes rose to 1.2 months from just 0.9 months in May. Even with this increase, the months supply was lower than any other segment of the Washington Metro market.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
126
(Moderate)
Home Demand Index
from prior month
127
Home Demand Index
from prior year
160
Months of
Inventory
1.2
Average daily inventory last month
2,042
Inventory sold
last month
1,748
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Single Family Home Above $950k

Buyer interest in higher-priced single-family homes remained elevated in June with an Index reading greater than any other segment of the Washington Metro market. The Bright MLS | T3 Home Demand Index, at 263, was down slightly from May but continued to reflect a High level of demand. Demand also was slightly higher compared with one year earlier, unlike all other segments of the market that exhibited weaker demand compared with last year. The months supply of homes, at 1.3, was up from1.1 months in May.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
263
(High)
Home Demand Index
from prior month
267
Home Demand Index
from prior year
253
Months of
Inventory
1.3
Average daily inventory last month
1,127
Inventory sold
last month
836
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Condo Below $570k

Demand for lower-priced condos was virtually unchanged over the month, remaining at a Moderate level of buyer interest. The Index, at 125, was down 25 percent from one year earlier. The months supply was marginally higher in June at 1.8 months.
Monthly Statistics for Condo Below $570k
Home Demand
Index
125
(Moderate)
Home Demand Index
from prior month
124
Home Demand Index
from prior year
167
Months of
Inventory
1.8
Average daily inventory last month
1,764
Inventory sold
last month
997
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Condo Above $570k

The Bright MLS | T3 Home Demand Index for higher-priced condos was down in June but remained at an elevate level of 168 consistent with High demand. There was a 2.7 months supply in June, up from 2.3 in May. Higher-priced condos was the only segment of the Washington Metro market with a months supply greater than two.
Monthly Statistics for Condo Above $570k
Home Demand
Index
168
(High)
Home Demand Index
from prior month
176
Home Demand Index
from prior year
199
Months of
Inventory
2.7
Average daily inventory last month
482
Inventory sold
last month
177
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | July 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Buyer interest in townhouses rose in June as reflected by a seven percent increase in the Index to 122. Demand has been in the Moderate category since March. The months supply was among the lowest in the metro area at 1.3 months, up from a one-month supply in May.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
122
(Moderate)
Home Demand Index
from prior month
114
Home Demand Index
from prior year
148
Months of
Inventory
1.3
Average daily inventory last month
2,446
Inventory sold
last month
1,860
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 2022 period with data collected from the previous month.
Released: July 11, 2022
Reference ID: 1647

Washington D.C. | July 2022

Home Demand Map (Zip Codes)

Although demand was at a Moderate level for the Washington Metro area overall, buyer interest in Arlington, Fairfax and Loudoun counties and Alexandria City and Falls Church City was in the High category in June. Buyer interest was in the Steady range in the suburban Maryland counties. Outside the metro area, demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market areas and Moderate in the North Central Virginia region. Across the Greater Washington Metro area, demand in 38 percent of ZIP codes was in the High category, unchanged from May. In 37 percent of ZIP codes, demand was in the Slow or Limited range, down slightly from 40 percent in May.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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