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Washington D.C. | October 2022

Home Demand Index

Demand for homes in the Washington Metro area rose slightly in September according to the Bright MLS | T3 Home Demand Index. The Index, at 105, increased four percent over the month but remained in the Steady demand category and was 19.2 percent lower than one year earlier.
Buyer interest in Washington Metro area homes was strongest for higher-priced single-family homes and higher-priced condos, both in the High demand category. The Index was in the Moderate range for lower-priced condos and townhouses and Steady for mid-priced single-family homes. The Index for higher-priced single-family homes, condos and townhouses rose over the months. The months supply rose for all segments of the market and ranged from 4.9 months for higher-priced condos to 1.9 months for mid-priced single-family homes.
Monthly Statistics for October 2022
Home Demand
Index
105
(Steady)
Home Demand Index
from prior month
101
Home Demand Index
from prior year
130
Index change
from prior month
4%
Index change from
same time last year
-19.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Home Demand Index | Historical Year-over-Year Comparison

Following a two-month decrease, demand for homes in the Washington Metro area rose slightly in September. Demand has trailed year-earlier levels for several months, most recently reflecting the impact of significantly higher mortgage rates combined with consumers’ uneasiness about the economy, which has sharply curtailed activity in other market areas as well.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Home Demand Map

Demand for homes was High in Arlington County, Falls Church City and Alexandria City in September. Buyer interest elsewhere in the Virginia suburbs, along with Washington, DC, was Moderate and Slow or Limited in the Maryland suburban counties. The Index was in the High range in Southern Maryland, Moderate in the Maryland-West Virginia Panhandle market area and Steady in the North Central Virginia region. Across the Greater Washington area, demand in 27 percent of ZIP codes was in the High category, down slightly from August. In 29 percent of ZIP codes, the Index was in the Moderate or Steady category, an increase from 23 percent of ZIP codes the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Demand and Inventory by Home Type

Buyer interest in Washington Metro area homes was strongest for higher-priced single-family homes and higher-priced condos, both in the High demand category. The Index was in the Moderate range for lower-priced condos and townhouses and Steady for mid-priced single-family homes. The Index for higher-priced single-family homes, condos and townhouses rose over the months. The months supply rose for all segments of the market and ranged from 4.9 months for higher-priced condos to 1.9 months for mid-priced single-family homes.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Single Family Home Below $395k

Demand for lower-priced single-family homes remained in the Limited range in September. The Index, at 40, was down marginally over the months and one-third lower than a year earlier. The months supply rose to 2.6 months from 2.1 months in August due to a rise in listings and a decrease in sales over the month.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
40
(Limited)
Home Demand Index
from prior month
42
Home Demand Index
from prior year
62
Months of
inventory
2.6
Average daily inventory last month
459
Inventory sold
last month
179
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Single Family Home $395k - $950k

The Index for mid-priced single-family homes, at 109, was marginally lower in September compared with August and nearly 20 percent lower than one year earlier. The months supply rose to 1.9 months from 1.7 months in August and was lower than any other segment of the Washington Metro area market.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
109
(Steady)
Home Demand Index
from prior month
112
Home Demand Index
from prior year
134
Months of
Inventory
1.9
Average daily inventory last month
2,386
Inventory sold
last month
1,236
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Single Family Home Above $950k

Demand for higher-priced single-family homes remained elevated with an Index of 193 reflecting a High level of buyer interest. Despite higher mortgage rates and rising home prices, the Index was just nine percent lower than one year earlier. The months supply rose to 2.6 months in September from 1.9 months in August.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
193
(High)
Home Demand Index
from prior month
178
Home Demand Index
from prior year
211
Months of
Inventory
2.6
Average daily inventory last month
1,000
Inventory sold
last month
385
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Condo Below $570k

Buyer interest in lower-priced condos was marginally higher in September reflecting a Moderate pace of demand. Although rising over the months, the Index was 22 percent lower than one year earlier when demand was in the High range. The months supply rose slightly to 2.3 months.
Monthly Statistics for Condo Below $570k
Home Demand
Index
115
(Moderate)
Home Demand Index
from prior month
109
Home Demand Index
from prior year
148
Months of
Inventory
2.3
Average daily inventory last month
1,685
Inventory sold
last month
734
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Condo Above $570k

Demand for higher-priced condos rose in September and remained in the High category of buyer interest. The months supply jumped to 4.9 months from three months in August due to a decrease in sales and an increase in the number of listings.
Monthly Statistics for Condo Above $570k
Home Demand
Index
174
(High)
Home Demand Index
from prior month
130
Home Demand Index
from prior year
189
Months of
Inventory
4.9
Average daily inventory last month
479
Inventory sold
last month
97
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | October 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment rose five percent in September to 110 following a two-month decrease. The months supply was slightly higher over the month, but at 2.1 months was lower than any other segment of the Washington Metro area market except mid-priced single-family homes.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
110
(Moderate)
Home Demand Index
from prior month
105
Home Demand Index
from prior year
136
Months of
Inventory
2.1
Average daily inventory last month
2,711
Inventory sold
last month
1,316
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 2022 period with data collected from the previous month.
Released: October 11, 2022
Reference ID: 1696

Washington D.C. | October 2022

Home Demand Map (Zip Codes)

Demand for homes was High in Arlington County, Falls Church City and Alexandria City in September. Buyer interest elsewhere in the Virginia suburbs, along with Washington, DC, was Moderate and Slow or Limited in the Maryland suburban counties. The Index was in the High range in Southern Maryland, Moderate in the Maryland-West Virginia Panhandle market area and Steady in the North Central Virginia region. Across the Greater Washington area, demand in 27 percent of ZIP codes was in the High category, down slightly from August. In 29 percent of ZIP codes, the Index was in the Moderate or Steady category, an increase from 23 percent of ZIP codes the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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