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Washington D.C. | October 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro market area rose nearly six percent in September to 129, reading in the Moderate range. Although demand rose over the month, it was slightly more than nine percent below one year earlier.
Demand was High for all segments except lower-priced single-family homes. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. There was a significant increase in demand in September for higher-priced single-family homes and higher-priced condos. Demand for lower-priced condos and townhouses rose marginally as well. Inventory levels remained tight, ranging from a 1.4 months supply for mid-priced single-family homes to a 3.8 months supply for higher-priced condos. The months’ supply for each type of home rose in September.
Monthly Statistics for October 2021
Home Demand
Index
129
(Moderate)
Home Demand Index
from prior month
122
Home Demand Index
from prior year
142
Index change
from prior month
5.7%
Index change from
same time last year
-9.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Home Demand Index | Historical Year-over-Year Comparison

Following extraordinarily strong demand in the spring; buyer interest fell to a Moderate level in July, where it has remained. A combination of factors has been at play, including the continued increase in home prices, which has reduced affordability for some would-be buyers, and relatively low inventory for most types of homes that have limited buyers’ ability to find a home.

Home Demand Index

Bright MLS | T3 Home Demand Index

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Washington D.C. | October 2021

Home Demand Map

Demand in Arlington and Fairfax counties, along with Alexandria and Fall Church, was in the High range in September. The Index was at a Steady reading in Frederick County with a Moderate pace of demand in the rest 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. Across the Greater Washington area, demand in 39 percent of ZIP codes was High, a slight increase compared with August.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Demand and Inventory by Home Type

Demand was High for all segments except lower-priced single-family homes. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. There was a significant increase in demand in September for higher-priced single-family homes and higher-priced condos. Demand for lower-priced condos and townhouses rose marginally as well. Inventory levels remained tight, ranging from a 1.4 months supply for mid-priced single-family homes to a 3.8 months supply for higher-priced condos. The months’ supply for each type of home rose in September.
Bright MLS | T3 Home Demand Index

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Washington D.C. | October 2021

Single Family Home Below $395k

Demand for lower-priced single-family homes decreased marginally in September and remained among the weakest areas of the Washington Metro market with continued Limited demand. Compared with one year earlier, the Index was 39 percent lower. The months’ supply, at 1.8, was up from 1.6 in August. The rise in supply is due to a small rise in homes available for sale and a decrease in sales.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
60
(Limited)
Home Demand Index
from prior month
63
Home Demand Index
from prior year
98
Months of
inventory
1.8
Average daily inventory last month
560
Inventory sold
last month
308
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes was unchanged in September at 133. The High level of demand was a continuation of several months of strong buyer interest in this segment. Although the monthly supply rose to 1.4, it remained lower than any other type of home.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
133
(High)
Home Demand Index
from prior month
133
Home Demand Index
from prior year
142
Months of
Inventory
1.4
Average daily inventory last month
2,358
Inventory sold
last month
1,716
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Single Family Home Above $950k

Demand for higher-priced single-family homes not only increased by 21 percent over the month but also was the segment with the highest Index reading at 211. Buyer interest in homes in this segment has been consistently strong since early this year, even before the usual increase in spring activity. The monthly supply of homes available for sale was 2.1, an increase from 1.6 in August.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
211
(High)
Home Demand Index
from prior month
174
Home Demand Index
from prior year
188
Months of
Inventory
2.1
Average daily inventory last month
999
Inventory sold
last month
474
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Condo Below $570k

The Bright MLS | T3 Home Demand Index for lower-priced condos rose slightly in September and remained in the High category with a reading of 147. Although rising in September, the Index was nine percent lower than one year earlier. There was a 2.8 months supply of homes on the market, up from 2.4 in August.
Monthly Statistics for Condo Below $570k
Home Demand
Index
147
(High)
Home Demand Index
from prior month
140
Home Demand Index
from prior year
161
Months of
Inventory
2.8
Average daily inventory last month
2,606
Inventory sold
last month
942
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Condo Above $570k

The Index for higher-priced condos rose 39 percent in September to a reading of 188, reflecting High demand. However, demand in this segment tends to be more variable month-to-month than other segments with a larger inventory of homes and greater sales. Inventory conditions were more favorable than other homes at 3.8, an increase from 3.1 in August.
Monthly Statistics for Condo Above $570k
Home Demand
Index
188
(High)
Home Demand Index
from prior month
135
Home Demand Index
from prior year
195
Months of
Inventory
3.8
Average daily inventory last month
562
Inventory sold
last month
149
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses rose slightly in September to 135, reflecting the continuation of a three-month rise in demand. Buyer interest was only marginally lower than one year earlier. The Index has moved within a narrow range for several months, indicating stable demand for townhouses in the Washington Metro market. The monthly supply of townhouses for sale, at 1.5, rose from an August level of 1.3.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
135
(High)
Home Demand Index
from prior month
128
Home Demand Index
from prior year
144
Months of
Inventory
1.5
Average daily inventory last month
2,980
Inventory sold
last month
1,927
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 October 2021 period with data collected from the previous month.
Released: October 11, 2021
Reference ID: 1413

Washington D.C. | October 2021

Home Demand Map (Zip Codes)

Demand in Arlington and Fairfax counties, along with Alexandria and Fall Church, was in the High range in September. The Index was at a Steady reading in Frederick County with a Moderate pace of demand in the rest 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. Across the Greater Washington area, demand in 39 percent of ZIP codes was High, a slight increase compared with August.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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