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Washington D.C. | November 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index dropped 14.3 percent to 90 in October, a reading that reflects a Steady pace of buyer interest in Washington Metro area homes. The Index was 29.1 percent lower than one year earlier.
Demand for all types of homes fell over the month. The Index for higher-priced condos decreased 26 percent in October, more than any other segment of the market. The Index for other types of homes was down between 12 percent and 18 percent. Demand was strongest for higher-priced single-family homes with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate or Steady for the remaining types of homes. The months supply of inventory ranged from 2.3 months for mid-priced single-family homes to 4.3 months for higher-priced condos. Changes in the months supply in October were mixed. The months supply rose for mid-priced single-family homes, lower-priced condos and townhouses but fell among the other segments.
Monthly Statistics for November 2022
Home Demand
Index
90
(Steady)
Home Demand Index
from prior month
105
Home Demand Index
from prior year
127
Index change
from prior month
-14.3%
Index change from
same time last year
-29.1%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Home Demand Index | Historical Year-over-Year Comparison

Except for a small uptick in demand in September, buyer demand has moved lower since June. More than half of the 25 percent decrease over the period occurred in October. Some of the decrease reflected the usual slowdown in buyer activity during the last few months of the year. But higher mortgage rates and concerns about the economy also have contributed to the softening in demand with some buyers moving to the sidelines due to higher mortgage rates and deteriorating affordability.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Home Demand Map

Buyer interest was strongest in Arlington County with an Index in the High range and in Alexandria City where demand was Moderate. Demand was Limited in Frederick County and Steady or Slow in the rest of the Washington Metro area. Buyer interest decreased over the month in each Washington Metro area county. The Index was in the Moderate range in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. The slowdown in buyer activity was evident at the ZIP code level as well. Across the Greater Washington Metro area demand in 28 percent of ZIP codes was in the High or Moderate range in October compared with 41 percent in September.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Demand and Inventory by Home Type

Demand for all types of homes fell over the month. The Index for higher-priced condos decreased 26 percent in October, more than any other segment of the market. The Index for other types of homes was down between 12 percent and 18 percent. Demand was strongest for higher-priced single-family homes with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate or Steady for the remaining types of homes. The months supply of inventory ranged from 2.3 months for mid-priced single-family homes to 4.3 months for higher-priced condos. Changes in the months supply in October were mixed. The months supply rose for mid-priced single-family homes, lower-priced condos and townhouses but fell among the other segments.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Single Family Home Below $395k

The Bright MLS | T3 Home Demand Index for lower-priced single-family homes was down slightly over the month and remained in the Limited range of demand. Demand has been Limited for more than a year. The months supply was marginally lower at 2.5 months.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
36
(Limited)
Home Demand Index
from prior month
41
Home Demand Index
from prior year
60
Months of
inventory
2.5
Average daily inventory last month
444
Inventory sold
last month
181
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Single Family Home $395k - $950k

Buyer interest in mid-priced single-family homes fell in October. The Index, at 94, was in the Steady category and 28 percent lower than one year earlier when demand was in the High range. The months supply rose to 2.3 months from 1.9 months in September.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
94
(Steady)
Home Demand Index
from prior month
109
Home Demand Index
from prior year
131
Months of
Inventory
2.3
Average daily inventory last month
2,390
Inventory sold
last month
1,032
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Single Family Home Above $950k

Demand for higher-priced single-family homes remained High in October. The Index, at 159, fell18 over the month and was 15 percent lower than one year earlier. The months supply was down marginally to 2.5 months.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
159
(High)
Home Demand Index
from prior month
193
Home Demand Index
from prior year
187
Months of
Inventory
2.5
Average daily inventory last month
996
Inventory sold
last month
397
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Condo Below $570k

Buyer interest in lower-priced condos was Steady in October. The Bright MLS | T3 Home Demand Index fell 15 percent over the month and was 32 percent lower than one year earlier. The months supply rose to 2.8 and was higher than any other type of metro area home except the much smaller higher-priced condo segment.
Monthly Statistics for Condo Below $570k
Home Demand
Index
98
(Steady)
Home Demand Index
from prior month
115
Home Demand Index
from prior year
144
Months of
Inventory
2.8
Average daily inventory last month
1,718
Inventory sold
last month
614
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Condo Above $570k

Demand for higher priced condos slipped in October with the Index down by 26 percent to 129. There was a 4.3 months supply of homes on the market, a decline from 4.9 months in September. Given that this segment of the market accounted for just three percent of sales in October, the months supply measure of inventory can be volatile.
Monthly Statistics for Condo Above $570k
Home Demand
Index
129
(Moderate)
Home Demand Index
from prior month
174
Home Demand Index
from prior year
187
Months of
Inventory
4.3
Average daily inventory last month
515
Inventory sold
last month
120
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | November 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment fell 13 percent in October and was nearly one-third lower than one year earlier. The months supply rose to 2.5 months from 2.1 months in September due to a decrease in sales activity even as the number of listings rose marginally.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
96
(Steady)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
137
Months of
Inventory
2.5
Average daily inventory last month
2,801
Inventory sold
last month
1,129
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 2022 period with data collected from the previous month.
Released: November 11, 2022
Reference ID: 1713

Washington D.C. | November 2022

Home Demand Map (Zip Codes)

Buyer interest was strongest in Arlington County with an Index in the High range and in Alexandria City where demand was Moderate. Demand was Limited in Frederick County and Steady or Slow in the rest of the Washington Metro area. Buyer interest decreased over the month in each Washington Metro area county. The Index was in the Moderate range in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. The slowdown in buyer activity was evident at the ZIP code level as well. Across the Greater Washington Metro area demand in 28 percent of ZIP codes was in the High or Moderate range in October compared with 41 percent in September.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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