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Washington D.C. | November 2021

Home Demand Index

Demand for homes in the Washington Metro area eased in October. The Bright MLS | T3 Home Demand Index, at 127, reflected a Moderate level of buyer interest. The Index was slightly more than 12 percent below the level one year earlier.
Demand was High for all types of homes except lower-priced single-family. Consistent with the past several months, buyer interest in lower-priced single-family homes was the weakest. Higher-priced single-family homes and higher-priced condos recorded the strongest demand. The Index for higher-priced single-family homes fell by 11 percent, while buyer interest in other market segments was essentially unchanged over the month. Inventory levels ranged from a 1.3 months supply for mid-priced single-family homes to a 4.6 months supply for higher-priced condos. The months’ supply was lower in each of the single-family segments and rose for higher-priced condos.
Monthly Statistics for November 2021
Home Demand
Index
127
(Moderate)
Home Demand Index
from prior month
129
Home Demand Index
from prior year
145
Index change
from prior month
-2.3%
Index change from
same time last year
-12.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Washington Metro area fell to a Moderate level in July and has moved in a narrow range since then. The reduced pace of activity reflected both the usual seasonal pattern of lower demand following the spring homebuying market as well as the effects of diminishing affordability that sidelined some buyers as home prices continued to rise at a robust pace.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Home Demand Map

Demand was particularly strong in Alexandria City and Arlington County and only somewhat lower, but still in the High category, in Falls Church City and Fairfax County in October. The Index in the Slow category in Frederick County with a Moderate pace of demand in the remainder of the metro market. Buyer interest was High in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Moderate in the North Central Virginia region. In the Greater Washington area, the Index in one-third of ZIP codes was in the High category, down slightly from the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Demand and Inventory by Home Type

Demand was High for all types of homes except lower-priced single-family. Consistent with the past several months, buyer interest in lower-priced single-family homes was the weakest. Higher-priced single-family homes and higher-priced condos recorded the strongest demand. The Index for higher-priced single-family homes fell by 11 percent, while buyer interest in other market segments was essentially unchanged over the month. Inventory levels ranged from a 1.3 months supply for mid-priced single-family homes to a 4.6 months supply for higher-priced condos. The months’ supply was lower in each of the single-family segments and rose for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Single Family Home Below $395k

Buyer interest in lower-priced single-family homes has been notably weak for several months. In October, the Index fell slightly to 58, reflecting Limited demand. Compared to one year earlier, demand was down by more than 40 percent, by far the largest decrease among the types of Washington Metro area homes tracked by the Index. The months’ supply remained very low, at 1.6, and was down compared with September, largely due to fewer listings on the market in October.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
58
(Limited)
Home Demand Index
from prior month
61
Home Demand Index
from prior year
103
Months of
inventory
1.6
Average daily inventory last month
519
Inventory sold
last month
318
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell slightly but remained at a high buyer interest level. The months’ supply, at 1.3, was the lowest of any home in the metro area. Even though still very low, the latest data reflected an improvement compared with the spring inventory conditions marked by months supply well below one month.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
130
(High)
Home Demand Index
from prior month
133
Home Demand Index
from prior year
145
Months of
Inventory
1.3
Average daily inventory last month
2,293
Inventory sold
last month
1,793
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Single Family Home Above $950k

Demand for higher-priced single-family homes has been very strong for several months. In October, the Index remained in the High category with a reading of 187. Notably, the Index was down by 11 percent over the month, a larger decrease than any other segment. The inventory of homes for sale was at a 1.7 month supply, down slightly from the previous month.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
187
(High)
Home Demand Index
from prior month
211
Home Demand Index
from prior year
184
Months of
Inventory
1.7
Average daily inventory last month
997
Inventory sold
last month
580
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Condo Below $570k

Buyer interest in lower-priced condos was down marginally in October although still reflecting a High level of demand. Compared with one year earlier, the Index was 14 percent lower. Inventory conditions were more favorable than most other segments of the Washington Metro market, with a month’s supply of 2.8, unchanged from the previous month.
Monthly Statistics for Condo Below $570k
Home Demand
Index
143
(High)
Home Demand Index
from prior month
147
Home Demand Index
from prior year
167
Months of
Inventory
2.8
Average daily inventory last month
2,574
Inventory sold
last month
933
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Condo Above $570k

Demand for higher-priced condos was marginally lower in October but still reflected a High level of buyer interest. Would-be buyers have shown strong interest in this segment for several months, and the Index was slightly higher than one year earlier. Inventory conditions were relatively favorable for buyers of condos at this price point, with a monthly supply of 4.6.
Monthly Statistics for Condo Above $570k
Home Demand
Index
187
(High)
Home Demand Index
from prior month
189
Home Demand Index
from prior year
175
Months of
Inventory
4.6
Average daily inventory last month
617
Inventory sold
last month
135
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses was virtually unchanged in October at 137 and marginally lower than one year earlier. The monthly supply was 1.6, unchanged from the previous month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
137
(High)
Home Demand Index
from prior month
136
Home Demand Index
from prior year
146
Months of
Inventory
1.6
Average daily inventory last month
3,019
Inventory sold
last month
1,916
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 November 2021 period with data collected from the previous month.
Released: November 2, 2021
Reference ID: 1486

Washington D.C. | November 2021

Home Demand Map (Zip Codes)

Demand was particularly strong in Alexandria City and Arlington County and only somewhat lower, but still in the High category, in Falls Church City and Fairfax County in October. The Index in the Slow category in Frederick County with a Moderate pace of demand in the remainder of the metro market. Buyer interest was High in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Moderate in the North Central Virginia region. In the Greater Washington area, the Index in one-third of ZIP codes was in the High category, down slightly from the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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