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Washington D.C. | May 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index rose five percent to 126 reflecting a Moderate pace of demand for Washington Metro area homes. The Index has risen for four months in a row following a seasonal lower in December.
Demand rose for all types of homes, except lower-priced single-family, with the greatest increase in buyer interest in higher-price single-family homes. Inventory conditions changed little over the month. The months supply ranged from 0.8 months supply for mid-priced single-family homes to 1.9 months supply for higher-priced condos.
Monthly Statistics for May 2022
Home Demand
Index
126
(Moderate)
Home Demand Index
from prior month
120
Home Demand Index
from prior year
158
Index change
from prior month
5%
Index change from
same time last year
-20.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Home Demand Index | Historical Year-over-Year Comparison

Although demand has risen each month during the spring homebuying market, the Index has remained below the level one year earlier. Demand has increased more slowly during the past two months in particular. As a result, the April Index was 20 percent below the level one year earlier. Higher mortgage rates, decreased affordability and limited inventory have all contributed to lower demand this spring compared with last spring.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Home Demand Map

In the Washington Metro area, buyer interest in Arlington, Fairfax and Loudoun counties and Alexandria City was in the High category in April. Demand was Moderate in Falls Church City, Montgomery County and Prince Georges counties along with the District of Columbia. Across the Greater Washington area, demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market area and Moderate in the North Central Virginia region. In 38 percent of ZIP codes, demand was in the High range, a marginally higher percentage that the previous month. Forty percent of ZIP codes recorded Slow or Limited demand, virtually unchanged from March.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Demand and Inventory by Home Type

Demand rose for all types of homes, except lower-priced single-family, with the greatest increase in buyer interest in higher-price single-family homes. Inventory conditions changed little over the month. The months supply ranged from 0.8 months supply for mid-priced single-family homes to 1.9 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes fell in April according to the Bright MLS | T3 Home Demand Index. Demand has been in the Limited range for several months even as other segments of the Washington metro market experienced strong buyer interest. There was a 1.3 months supply of homes for sale, unchanged from March.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
40
(Limited)
Home Demand Index
from prior month
46
Home Demand Index
from prior year
84
Months of
inventory
1.3
Average daily inventory last month
285
Inventory sold
last month
225
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Single Family Home $395k - $950k

The Index for mid-priced single-family homes increased five percent to 131, indicating a High level of buyer interest. Compared with one year earlier, demand was 25 percent lower due, in part, to the headwinds of reduced affordability and limited inventory. The months supply remained at a very low 0.8 months, unchanged from March.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
131
(High)
Home Demand Index
from prior month
125
Home Demand Index
from prior year
175
Months of
Inventory
0.8
Average daily inventory last month
1,290
Inventory sold
last month
1,619
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Single Family Home Above $950k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes increased 26 percent, the largest increase of any type of Washington metro area home. Demand in this segment has been consistently in the High range throughout the spring market despite the elevated price point and rising mortgage rates. Demand was also slightly ahead of the level one year earlier. There was a one-month supply of home for sale, up slightly from March.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
295
(High)
Home Demand Index
from prior month
234
Home Demand Index
from prior year
279
Months of
Inventory
1
Average daily inventory last month
690
Inventory sold
last month
659
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Condo Below $570k

Buyer interest in lower-priced condos increased slightly in April and remained in the High demand category. The Index, at 137, was 21 percent lower than one year earlier. There was a 1.6 months supply of homes for sale, up marginally from March.
Monthly Statistics for Condo Below $570k
Home Demand
Index
137
(High)
Home Demand Index
from prior month
132
Home Demand Index
from prior year
173
Months of
Inventory
1.6
Average daily inventory last month
1,581
Inventory sold
last month
979
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Condo Above $570k

Demand for higher-priced condos was down marginally in April, although remaining in the High category of buyer interest. Although demand remained strong, it was 19 percent lower than one year earlier. The months of inventory available for sales fell slightly to 1.9 in April.
Monthly Statistics for Condo Above $570k
Home Demand
Index
180
(High)
Home Demand Index
from prior month
184
Home Demand Index
from prior year
223
Months of
Inventory
1.9
Average daily inventory last month
398
Inventory sold
last month
213
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | May 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Buyer interest in townhouses remained in the Moderate range in April. The Index rose three percent and was 16 percent lower than one year earlier. The months supply was unchanged at 0.9, with only mid-priced single-family homes recording a lower level of supply.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
125
(Moderate)
Home Demand Index
from prior month
121
Home Demand Index
from prior year
149
Months of
Inventory
0.9
Average daily inventory last month
1,637
Inventory sold
last month
1,864
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 May 2022 period with data collected from the previous month.
Released: May 11, 2022
Reference ID: 1616

Washington D.C. | May 2022

Home Demand Map (Zip Codes)

In the Washington Metro area, buyer interest in Arlington, Fairfax and Loudoun counties and Alexandria City was in the High category in April. Demand was Moderate in Falls Church City, Montgomery County and Prince Georges counties along with the District of Columbia. Across the Greater Washington area, demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market area and Moderate in the North Central Virginia region. In 38 percent of ZIP codes, demand was in the High range, a marginally higher percentage that the previous month. Forty percent of ZIP codes recorded Slow or Limited demand, virtually unchanged from March.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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