September 2023 Report
Washington D.C. Metro
Washington D.C. | September 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area decreased 10.7 percent to 75, a level consistent with Slow buyer demand. The Index was 25.7 percent lower than one year earlier.
Buyer interest in all types of Washington Metro area homes was lower in August. The Index for luxury condos decreased the most, falling 19 percent to 109, but was still higher than any other segment despite the decrease over the month. Demand was weakest for entry-level and mid-market single-family homes, both in the Limited demand category. The inventory of homes for sale remained very lean with less than two months supply for all types of homes except luxury condos. The months supply ranged from 1.3 months for mid-market single-family to 2.9 months for luxury condos.
Monthly Statistics for September 2023
Home Demand
Index
Index
75
(Slow)
Home Demand Index
from prior month
from prior month
84
Home Demand Index
from prior year
from prior year
101
Index change
from prior month
from prior month
-10.7%
Index change from
same time last year
same time last year
-25.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Washington Metro area was down for the fourth consecutive month in August. The latest decrease in the Index was likely the result of the cumulative impact of higher mortgage rates and an ongoing shortage of homes for sale, both of which contributed to the lower Index reading in August.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Home Demand Map
Demand was Moderate in Arlington County and Falls Church City and Steady in Alexandria City. Buyer interest was in the Slow or Limited range in the rest of the Washington Metro area. Demand was Moderate in Southern Maryland and the Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. In the Greater Washington area, demand in 21 percent of ZIP codes was High or Moderate, down from 26 percent in July. Buyer interest in nearly two-thirds of ZIP codes was in the Slow or Limited range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Demand and Inventory by Home Type
Buyer interest in all types of Washington Metro area homes was lower in August. The Index for luxury condos decreased the most, falling 19 percent to 109, but was still higher than any other segment despite the decrease over the month. Demand was weakest for entry-level and mid-market single-family homes, both in the Limited demand category. The inventory of homes for sale remained very lean with less than two months supply for all types of homes except luxury condos. The months supply ranged from 1.3 months for mid-market single-family to 2.9 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Single Family Home Below $510k
The Index for entry-level single-family homes decreased over the month and reflected Limited buyer interest compared with a Slow pace of demand in July. Demand in this segment, along with the higher-priced mid-market single-family segment, were both weaker than any other, each with an Index of 67. The months supply, at 1.8, was unchanged over the month.
Monthly Statistics for Single Family Home Below $510k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
94
Months of
inventory
inventory
1.8
Average daily inventory last month
680
Inventory sold
last month
last month
380
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Single Family Home $510k - $1200k
The Index for mid-market single-family homes was down 13 percent in August, reflecting demand in the Limited category. The Index was 34 percent lower compared with one year earlier, a larger year-to-year gap than any other type of Washington Metro area home. The months supply, at 1.3, was unchanged from the previous month.
Monthly Statistics for Single Family Home $510k - $1200k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
101
Months of
Inventory
Inventory
1.3
Average daily inventory last month
1,383
Inventory sold
last month
last month
1,079
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Single Family Home Above $1200k
Demand for luxury single-family homes was down in August according to the Bright MLS | T3 Home Demand Index. At 90, the Index was 17 percent lower over the month and consistent with a Steady pace of buyer interest. There was a 1.9 months supply of homes available for sale, down from 2.2 months in July.
Monthly Statistics for Single Family Home Above $1200k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
108
Home Demand Index
from prior year
from prior year
100
Months of
Inventory
Inventory
1.9
Average daily inventory last month
606
Inventory sold
last month
last month
314
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Condo Below $560k
The Bright MLS | T3 Home Demand Index for entry-level condos decreased 5 percent in August to 90 reflecting a Steady level of buyer interest. The months supply of homes, at 1.7 months, was down from 1.9 months in July.
Monthly Statistics for Condo Below $560k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
95
Home Demand Index
from prior year
from prior year
110
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,263
Inventory sold
last month
last month
745
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Condo Above $560k
Buyer interest in luxury condos was down 19 percent in August according to the Bright MLS | T3 Home Demand Index. The Index, at 109, reflected a Steady pace of demand, a decline from High demand the previous month. There was a 2.9 months supply of homes available for sale, a decrease from 3.4 months in July.
Monthly Statistics for Condo Above $560k
Home Demand
Index
Index
109
(Steady)
Home Demand Index
from prior month
from prior month
134
Home Demand Index
from prior year
from prior year
130
Months of
Inventory
Inventory
2.9
Average daily inventory last month
388
Inventory sold
last month
last month
133
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | September 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was lower in August, with the Index decreasing 10 percent over the month to 75, a level consistent with a Slow pace of buyer interest. Compared with one year earlier, the Index was 29 percent lower. The months supply, at 1.5 months, was down from 1.7 months in July.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
75
(Slow)
Home Demand Index
from prior month
from prior month
83
Home Demand Index
from prior year
from prior year
105
Months of
Inventory
Inventory
1.5
Average daily inventory last month
1,891
Inventory sold
last month
last month
1,277
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 2023 period with data collected from the previous month.
Released: September 11, 2023
Reference ID: 1893
Washington D.C. | September 2023
Home Demand Map (Zip Codes)
Demand was Moderate in Arlington County and Falls Church City and Steady in Alexandria City. Buyer interest was in the Slow or Limited range in the rest of the Washington Metro area. Demand was Moderate in Southern Maryland and the Maryland-West Virginia Panhandle market areas and Slow in the North Central Virginia region. In the Greater Washington area, demand in 21 percent of ZIP codes was High or Moderate, down from 26 percent in July. Buyer interest in nearly two-thirds of ZIP codes was in the Slow or Limited range.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com