March 2024 Report
Washington D.C. Metro
Washington D.C. | March 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area increased 14.1 percent to 73, a level consistent with Slow buyer demand. Demand was in the Limited range in January. The Index was 5.2 percent lower than one year earlier.
Buyer interest in all types of Washington Metro area homes was unchanged or higher in February. The Index for luxury single-family homes increased the most, rising 40 percent. Buyer interest was strongest for luxury condos, which attracted a Moderate level of demand, followed by luxury single-family homes with Steady buyer interest. Demand was weakest for entry-level and mid-market single-family homes, each with Limited buyer interest. The months supply ranged from 1.5 months for mid-market single-family homes to 3.9 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
77
Index change
from prior month
from prior month
14.1%
Index change from
same time last year
same time last year
-5.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Washington Metro area was up for the second consecutive month in February following a 4-month period of little change in activity. The most recent increase in the Index was the result of rising buyer activity as the spring market unfolds. The increase comes despite still-elevated mortgage rates, challenging affordability conditions and lean inventory in several segments of the market.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Home Demand Map
Demand for homes was strongest in Arlington County and Falls Church City with a Moderate level of buyer interest. Demand was Steady in Alexandria City and Slow or Limited in the other metro area counties. Buyer interest was Steady in the Maryland-West Virginia Panhandle area, Slow in Southern Maryland and Limited in North Central Virginia. In the Greater Washington area, demand in 14 percent of ZIP codes was in the High or Moderate range, up marginally from the month before. Demand in roughly three-quarters of ZIP codes was in the Slow or Limited category.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Demand and Inventory by Home Type
Buyer interest in all types of Washington Metro area homes was unchanged or higher in February. The Index for luxury single-family homes increased the most, rising 40 percent. Buyer interest was strongest for luxury condos, which attracted a Moderate level of demand, followed by luxury single-family homes with Steady buyer interest. Demand was weakest for entry-level and mid-market single-family homes, each with Limited buyer interest. The months supply ranged from 1.5 months for mid-market single-family homes to 3.9 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Single Family Home Below $529k
The Index for entry-level single-family homes was unchanged in February and continued to reflect Limited buyer interest. The Index was 20 percent lower compared with one year earlier, marking an extended period of persistent weakness in demand. The months supply, at 2.1, was down marginally from 2.4 months in January.
Monthly Statistics for Single Family Home Below $529k
Home Demand
Index
Index
65
(Limited)
Home Demand Index
from prior month
from prior month
65
Home Demand Index
from prior year
from prior year
81
Months of
inventory
inventory
2.1
Average daily inventory last month
607
Inventory sold
last month
last month
290
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Single Family Home $529k - $1250k
Demand for mid-market single-family homes was higher in February according to the Bright MLS | T3 Home Demand Index. At 63, the Index was consistent with a Limited pace of buyer interest. Moreover, demand was weaker than any other segment of the Washington Metro area market. There was a 1.5 months supply of homes available for sale, down from 1.7 months in January and lower than any other type of home in the metro market.
Monthly Statistics for Single Family Home $529k - $1250k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
52
Home Demand Index
from prior year
from prior year
71
Months of
Inventory
Inventory
1.5
Average daily inventory last month
909
Inventory sold
last month
last month
601
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Single Family Home Above $1250k
Buyer interest in luxury single-family homes was up sharply in February according to the Bright MLS | T3 Home Demand Index. The Index, at 95, was up 40 percent over the month and reflected a Steady pace of demand. There was a 2.9 months supply of homes available for sale, down from 3.5 months in January.
Monthly Statistics for Single Family Home Above $1250k
Home Demand
Index
Index
95
(Steady)
Home Demand Index
from prior month
from prior month
68
Home Demand Index
from prior year
from prior year
81
Months of
Inventory
Inventory
2.9
Average daily inventory last month
460
Inventory sold
last month
last month
158
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Condo Below $570k
The Index for entry-level condos rose 10 percent to 90, a level consistent with Steady buyer interest. Compared with one year earlier, the Index was 6 percent higher. The months supply, at 2.4 months, was marginally lower compared with January.
Monthly Statistics for Condo Below $570k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
82
Home Demand Index
from prior year
from prior year
85
Months of
Inventory
Inventory
2.4
Average daily inventory last month
1,208
Inventory sold
last month
last month
495
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Condo Above $570k
The Bright MLS | T3 Home Demand Index for luxury condos increased 21 percent in February to 120 and reflected a Moderate level of buyer interest. Demand for homes in this segment was stronger than any other type of Washington Metro area home. The months supply of homes, at 3.9 months, was up from 3.7 months in January.
Monthly Statistics for Condo Above $570k
Home Demand
Index
Index
120
(Moderate)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
112
Months of
Inventory
Inventory
3.9
Average daily inventory last month
347
Inventory sold
last month
last month
88
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | March 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was higher in February with the Index increasing 11 percent over the month to 70, a level consistent with a Slow pace of buyer interest. Compared with one year earlier, the Index was 8 percent lower. The months supply, at 1.7 months, was down from 2.3 months in January and lower than all other types of metro area homes except mid-market single-family homes.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
76
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,518
Inventory sold
last month
last month
875
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 March 2024 period with data collected from the previous month.
Released: March 11, 2024
Reference ID: 2017
Washington D.C. | March 2024
Home Demand Map (Zip Codes)
Demand for homes was strongest in Arlington County and Falls Church City with a Moderate level of buyer interest. Demand was Steady in Alexandria City and Slow or Limited in the other metro area counties. Buyer interest was Steady in the Maryland-West Virginia Panhandle area, Slow in Southern Maryland and Limited in North Central Virginia. In the Greater Washington area, demand in 14 percent of ZIP codes was in the High or Moderate range, up marginally from the month before. Demand in roughly three-quarters of ZIP codes was in the Slow or Limited category.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com