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Washington D.C. | September 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell 8.2 percent in August to 101, reflecting a Steady pace of demand. The Index had been in the Moderate range for the previous five months and was slightly more than 17 percent lower than the same month one year earlier.
Demand for homes in August was strongest for higher-priced single-family homes and higher-priced condos each with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Steady for lower-priced condos and townhouses. Demand for all types of homes in the Washington Metro area was flat or fell over the month. The months supply of inventory fell for higher-priced condos and was flat or marginally higher for all other segments. Inventory levels ranged from a 1.7 months supply for mid-priced single-family homes to three months for higher-priced condos.
Monthly Statistics for September 2022
Home Demand
Index
101
(Steady)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
122
Index change
from prior month
-8.2%
Index change from
same time last year
-17.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes in the Washington Metro area has decreased for two consecutive months for a cumulative decrease of nearly 16 percent in the Index. Buyer interest was in the Moderate range during the spring and early summer, but the effect of higher mortgage rates, along with elevated inflation, has added to the challenges would-be buyers face when looking to purchase a home.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Home Demand Map

Buyer interest in Arlington County and Alexandria City remained in the High range in August. Demand was Slow in Frederick County and Washington, DC and Steady in Montgomery and Prince Georges counties. The Index was in the High range in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Steady in the North Central Virginia region. Across the Greater Washington area, demand in 40 percent of ZIP codes was in the High or Moderate category in August, compared with 46 percent the previous month. At the other end of the range, buyer interest in 31 percent of communities was Limited in August versus 25 percent in July.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Demand and Inventory by Home Type

Demand for homes in August was strongest for higher-priced single-family homes and higher-priced condos each with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Steady for lower-priced condos and townhouses. Demand for all types of homes in the Washington Metro area was flat or fell over the month. The months supply of inventory fell for higher-priced condos and was flat or marginally higher for all other segments. Inventory levels ranged from a 1.7 months supply for mid-priced single-family homes to three months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Single Family Home Below $395k

Demand for lower-priced single-family homes was unchanged in August, with buyer interest remaining at a Limited level. Compared with one year earlier, the Index was more than one-third lower. The months supply rose marginally to 2.1 largely due to a slight increase in the number of listings.
Monthly Statistics for Single Family Home Below $395k
Home Demand
Index
39
(Limited)
Home Demand Index
from prior month
39
Home Demand Index
from prior year
64
Months of
inventory
2.1
Average daily inventory last month
429
Inventory sold
last month
203
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Single Family Home $395k - $950k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell to 111 but remained in the Moderate range, where it has been since May. Compared with one year earlier, the Index was 17 percent lower. The months supply was up marginally to 1.7.
Monthly Statistics for Single Family Home $395k - $950k
Home Demand
Index
111
(Moderate)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
133
Months of
Inventory
1.7
Average daily inventory last month
2,461
Inventory sold
last month
1,438
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Single Family Home Above $950k

The Index for higher-priced single-family homes decreased 20 percent in August to 182, a reading reflecting a High level of demand. Despite the decline, the Index was five percent higher than one year earlier, the only type of home to exceed the year-earlier level in August. The months supply was unchanged over the month at 1.9 months.
Monthly Statistics for Single Family Home Above $950k
Home Demand
Index
182
(High)
Home Demand Index
from prior month
228
Home Demand Index
from prior year
173
Months of
Inventory
1.9
Average daily inventory last month
1,109
Inventory sold
last month
583
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Condo Below $570k

Demand for lower-priced condos fell over the month. The Index, at 108, reflected a Steady pace of demand, a change from the Moderate pace recorded each month since May. One year ago, demand was in the High range. The months supply was unchanged over the month at 2.1 months.
Monthly Statistics for Condo Below $570k
Home Demand
Index
108
(Steady)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
141
Months of
Inventory
2.1
Average daily inventory last month
1,727
Inventory sold
last month
822
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Condo Above $570k

Buyer interest in higher priced condos remained in the High range, although the Index did decrease by 10 percent to 133. The Index was at virtually the same level as one year earlier, however. There was a three-month supply of homes for sale in August, down from 3.3 in July.
Monthly Statistics for Condo Above $570k
Home Demand
Index
133
(High)
Home Demand Index
from prior month
147
Home Demand Index
from prior year
135
Months of
Inventory
3
Average daily inventory last month
441
Inventory sold
last month
146
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Washington D.C. | September 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Townhouse demand was Steady in August according to the Bright MLS | T3 Home Demand Index. The Index, at 105, was down slightly over the month but nearly 20 percent lower than one year earlier. The months supply was up marginally to 1.8, lower than all other segments of the Washington market except mid-priced single-family.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
105
(Steady)
Home Demand Index
from prior month
112
Home Demand Index
from prior year
128
Months of
Inventory
1.8
Average daily inventory last month
2,724
Inventory sold
last month
1,487
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 September 2022 period with data collected from the previous month.
Released: September 11, 2022
Reference ID: 1678

Washington D.C. | September 2022

Home Demand Map (Zip Codes)

Buyer interest in Arlington County and Alexandria City remained in the High range in August. Demand was Slow in Frederick County and Washington, DC and Steady in Montgomery and Prince Georges counties. The Index was in the High range in the Southern Maryland and Maryland-West Virginia Panhandle market areas and Steady in the North Central Virginia region. Across the Greater Washington area, demand in 40 percent of ZIP codes was in the High or Moderate category in August, compared with 46 percent the previous month. At the other end of the range, buyer interest in 31 percent of communities was Limited in August versus 25 percent in July.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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