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Washington D.C. | June 2022

Home Demand Index

Home demand in the Washington Metro area softened in May as reflected by a 6.3 percent decrease in the Bright MLS | T3 Home Demand Index. Although down over the month, demand remained in the Moderate range. Demand was High one year earlier.
Demand for all types of homes in the Washington Metro area decreased in May. The largest declines were in the lower-priced condo and townhouse segments each with a 10 percent decrease over the month. Demand for homes in May was strongest for higher-priced single-family homes and for higher-priced condos each with 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 May compared with the previous month. Inventory levels ranged from a 0.9 months supply for mid-priced single-family homes to 2.3 months supply for higher-priced condos.
Monthly Statistics for June 2022
Home Demand
Index
118
(Moderate)
Home Demand Index
from prior month
126
Home Demand Index
from prior year
149
Index change
from prior month
-6.3%
Index change from
same time last year
-20.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Home Demand Index | Historical Year-over-Year Comparison

Following four months of rising demand for Washington Metro area homes, buyer interest decreased in May. Compared with last year, overall demand has been lower this spring largely due to rising mortgage rates, continued increases in home prices and the impact of consumer price inflation on the budgets of would-be home buyers. In May, the Index was nearly 21 percent lower than one year earlier.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Home Demand Map

Demand for homes in Arlington, Fairfax and Loudoun counties and Alexandria City and Falls Church City was in the High category in May. Buyer interest was Steady elsewhere in 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 region, 38 percent of ZIP codes recorded a High level of demand, unchanged from April. Demand in 40 percent of ZIP codes was Slow or Limited, again, unchanged from the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Demand and Inventory by Home Type

Demand for all types of homes in the Washington Metro area decreased in May. The largest declines were in the lower-priced condo and townhouse segments each with a 10 percent decrease over the month. Demand for homes in May was strongest for higher-priced single-family homes and for higher-priced condos each with 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 May compared with the previous month. Inventory levels ranged from a 0.9 months supply for mid-priced single-family homes to 2.3 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes in the Washington Metro area changed little over the month and remained in the Limited demand category. The inventory of homes available for sale rose in May resulting in a small increase in the months supply to 1.4 from 1.3 in April.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
40
(Limited)
Home Demand Index
from prior month
41
Home Demand Index
from prior year
78
Months of
inventory
1.4
Average daily inventory last month
306
Inventory sold
last month
225
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Single Family Home $395k - $950k

Demand for mid-priced single-family homes decreased marginally in May. The Index, at 126, was consistent with a Moderate level of demand. By comparison, demand was in the High range one year earlier. Inventory conditions remained challenging with just 0.9 months supply, the lowest of any segment of the Washington Metro area market.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
126
(Moderate)
Home Demand Index
from prior month
131
Home Demand Index
from prior year
165
Months of
Inventory
0.9
Average daily inventory last month
1,664
Inventory sold
last month
1,814
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Single Family Home Above $950k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes remained in the High range in May, even after a nine percent decrease in the Index over the month. Unlike other segments of the market, demand was slightly higher than one year earlier. Buyers continued to confront a challenging market with just a 1.1 months supply of homes on the market. The months supply of homes rose marginally, however, due to a relatively larger increase in inventory compared with sales.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
267
(High)
Home Demand Index
from prior month
295
Home Demand Index
from prior year
261
Months of
Inventory
1.1
Average daily inventory last month
941
Inventory sold
last month
840
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Condo Below $570k

Buyer interest in lower-priced condos eased from a High level in April to a Moderate pace in May. The Index, at 124, was 10 percent lower compared with April and 24 lower than one year earlier. Only the townhouse segment recorded a comparable decline in demand over the month. The months supply rose slightly to 1.7 months.
Monthly Statistics for Condo Below $570k
Home Demand
Index
124
(Moderate)
Home Demand Index
from prior month
138
Home Demand Index
from prior year
163
Months of
Inventory
1.7
Average daily inventory last month
1,701
Inventory sold
last month
1,011
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Condo Above $570k

The Bright MLS | T3 Home Demand Index for higher-priced condos remained in the High category in May, down marginally from April. The Index, at 176, was down slightly from one year earlier as well, but by a much smaller margin than most other segments of the local market. The months supply, at 2.3, was up from 1.9 months in April, which reflected a gain in inventory and a decrease in sales over the month.
Monthly Statistics for Condo Above $570k
Home Demand
Index
176
(High)
Home Demand Index
from prior month
181
Home Demand Index
from prior year
191
Months of
Inventory
2.3
Average daily inventory last month
441
Inventory sold
last month
189
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | June 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Index for townhouses fell 10 percent in May to 114 but remained in the Moderate demand category. Demand was in the High range one year earlier, consistent with the higher overall pace of buyer interest last spring compared with this year. There was a one-month supply of homes on the market, up slightly from April due to a rise in both inventory and sales.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
114
(Moderate)
Home Demand Index
from prior month
126
Home Demand Index
from prior year
142
Months of
Inventory
1
Average daily inventory last month
1,995
Inventory sold
last month
1,957
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 June 2022 period with data collected from the previous month.
Released: June 11, 2022
Reference ID: 1631

Washington D.C. | June 2022

Home Demand Map (Zip Codes)

Demand for homes in Arlington, Fairfax and Loudoun counties and Alexandria City and Falls Church City was in the High category in May. Buyer interest was Steady elsewhere in 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 region, 38 percent of ZIP codes recorded a High level of demand, unchanged from April. Demand in 40 percent of ZIP codes was Slow or Limited, again, unchanged from the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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