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Washington D.C. | November 2020

Home Demand Index

Demand for homes in the Washington MLS market area remained strong in October based on the Bright MLS | T3 Home Demand Index. The Index, at 146, reflected a market with a High level of buyer interest. Compared with September, the Index rose by three percent but was nearly 45 percent higher than one year earlier.
While buyer interest was generally solid in October, demand for lower-priced single-family homes was a soft spot. The strongest demand was in the higher-priced single-family and condo segments. Overall, the latest data reflect a residential market where buyer demand remained elevated compared with the pace of one year earlier.

Inventory conditions in the Washington market area remained extremely tight among most types of homes. The months supply across the three price tiers of single-family homes, which accounted for nearly half of sales in October, ranged from one to 2.2. Supply conditions were more favorable in the condo segments but still presented a challenge for buyers when searching for their next home.

Monthly Statistics for November 2020
Home Demand
Index
146
(High)
Home Demand Index
from prior month
142
Home Demand Index
from prior year
101
Index change
from prior month
2.8%
Index change from
same time last year
44.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Home Demand Index | Historical Year-over-Year Comparison

The Index has exceeded the previous year’s reading since June when buyers stepped up their search activity following the unusually slow start to the spring buying season. Buyer interest has risen significantly since April, propelled by pent-up demand and a rush to lock-in low mortgage rates.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Home Demand Map

Nearly 60 percent of ZIP codes in the Washington market area recorded a High level of home demand with an additional 20 percent in the Moderate category. Only 13 percent of ZIP codes were in the Slow or Limited category. Overall, the data reflect a market with elevated and widely dispersed buyer demand.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Demand and Inventory by Home Type

While buyer interest was generally solid in October, demand for lower-priced single-family homes was a soft spot. The strongest demand was in the higher-priced single-family and condo segments. Overall, the latest data reflect a residential market where buyer demand remained elevated compared with the pace of one year earlier.

Inventory conditions in the Washington market area remained extremely tight among most types of homes. The months supply across the three price tiers of single-family homes, which accounted for nearly half of sales in October, ranged from one to 2.2. Supply conditions were more favorable in the condo segments but still presented a challenge for buyers when searching for their next home.

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Single Family Home Below $395k

Demand for single-family homes priced below $395,000 was in the Steady category in October. The Index rose six percent over the month and was little changed from the level one year earlier. Would-be buyers at this price point face significant headwinds including fallout from the recession and financial uncertainty. There was just a one-month supply of homes available for sale in October. Accounting for fewer than 10 percent of listings among all property types, buyers at this price point have been limited in their search and may instead have opted for other types of similarly priced properties.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
100
(Steady)
Home Demand Index
from prior month
94
Home Demand Index
from prior year
102
Months of
inventory
1
Average daily inventory last month
458
Inventory sold
last month
452
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes rose two percent in October and was 47 percent higher than one year earlier. Elevated buyer interest no doubt reflected pent-up demand, spurred on by a sense of urgency due to low inventories. Buyers searching for a home in this segment, which accounted for 29 percent of sales in October, were especially challenged with only one month of inventory available at the current sales pace.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
144
(High)
Home Demand Index
from prior month
141
Home Demand Index
from prior year
98
Months of
Inventory
1
Average daily inventory last month
1,515
Inventory sold
last month
1,554
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Single Family Home Above $950k

Buyer interest in the single-family segment priced above $950,000 remained High in October. The Bright MLS | T3 Home Demand Index fell two percent in October but was 75 percent higher than one year earlier. Some of the strength in demand is likely supported by low mortgage interest rates that limit the impact of rising home prices at this elevated price point. The inventory was low at 2.2 months at the current sales pace, limiting buyers’ options when searching for a home.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
178
(High)
Home Demand Index
from prior month
181
Home Demand Index
from prior year
102
Months of
Inventory
2.2
Average daily inventory last month
985
Inventory sold
last month
456
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Condo Below $570k

Buyer interest in lower-priced condos was strong in October with the Bright MLS | T3 Home Demand Index recording a value of 167, a level reflecting a High level of demand. Compared with one year earlier, the Index was 69 percent higher, indicating continued buyer interest in this segment. Lower-priced condo buyers faced stiff competition when searching, with the months supply at 2.5, higher than some other types of homes, but nonetheless low.
Monthly Statistics for Condo Below $570k
Home Demand
Index
167
(High)
Home Demand Index
from prior month
162
Home Demand Index
from prior year
99
Months of
Inventory
2.5
Average daily inventory last month
2,382
Inventory sold
last month
949
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Condo Above $570k

Demand for condos priced above $570,000 fell 10 percent in October but remained High with an Index reading of 175. The Index was 59 percent higher than one year earlier suggesting that buyer interest was strong, despite month-to-month volatility. Inventory conditions were more favorable for buyers in this segment with a 3.4 months supply.
Monthly Statistics for Condo Above $570k
Home Demand
Index
175
(High)
Home Demand Index
from prior month
195
Home Demand Index
from prior year
110
Months of
Inventory
3.4
Average daily inventory last month
613
Inventory sold
last month
181
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2020

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Demand for townhouse properties in October rose compared with September and was 43 percent higher compared with one year earlier. The inventory of homes for sale was extremely low at just 1.3 months supply. Buyers seeking similarly priced single-family homes may have opted for townhouses instead, sustaining buyer interest in this segment during the past year.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
150
(High)
Home Demand Index
from prior month
143
Home Demand Index
from prior year
105
Months of
Inventory
1.3
Average daily inventory last month
2,108
Inventory sold
last month
1,684
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Note

1. This report is generated with data from the following counties: Alexandria City, VA; Arlington, VA; Fairfax City, VA; Fairfax, VA; Falls Church City, VA; Montgomery, MD; Prince Georges, MD; Washington, DC
2. This report is for the November 2020 period with data collected from the previous month.
Released: March 2, 2021
Reference ID: 1069

Washington D.C. | November 2020

Home Demand Map (Zip Codes)

Nearly 60 percent of ZIP codes in the Washington market area recorded a High level of home demand with an additional 20 percent in the Moderate category. Only 13 percent of ZIP codes were in the Slow or Limited category. Overall, the data reflect a market with elevated and widely dispersed buyer demand.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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