February 2024 Report
Washington D.C. Metro
Washington D.C. | February 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 32.6 percent in January to 61, a level consistent with Limited buyer demand. The Index was 18.7 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes increased in January. Demand for luxury condos rose 64 percent followed by a 57 percent increase for luxury single-family homes. Buyer interest was strongest for condos with demand for entry-level condos in the Slow range and luxury condo demand in the Steady category. Demand was Limited in all other segments of the metro area market. The months supply of homes for sale was higher for all types of homes except luxury condos, which was marginally lower. The months supply ranged from 1.7 months for mid-market single-family homes to 3.7 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
Index
61
(Limited)
Home Demand Index
from prior month
from prior month
46
Home Demand Index
from prior year
from prior year
75
Index change
from prior month
from prior month
32.6%
Index change from
same time last year
same time last year
-18.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Home Demand Index | Historical Year-over-Year Comparison
The January increase in the Index more than retraced the December decline in demand. Despite month-to-month changes, the Index has been virtually flat since October and has been in the Limited range of buyer interest since September. Although several forces have been at play in the market, still-elevated mortgage rates and challenging inventory conditions continued to drive market activity through the beginning of the year.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Home Demand Map
Buyer interest in homes was Moderate in Arlington County and Slow in Alexandria City, Falls Church City and Prince Georges County. Buyer interest was Limited in the rest of the metro area. Demand was Slow in the Southern Maryland and Maryland-West Virginia Panhandle areas and Limited in North Central Virginia. Across the Greater Washington area, demand in 80 percent of ZIP codes was Slow or Limited, down from 90 percent in December. Buyer interest in 8 percent of ZIP codes was in the High range in January, an increase from 4 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index for all types of homes increased in January. Demand for luxury condos rose 64 percent followed by a 57 percent increase for luxury single-family homes. Buyer interest was strongest for condos with demand for entry-level condos in the Slow range and luxury condo demand in the Steady category. Demand was Limited in all other segments of the metro area market. The months supply of homes for sale was higher for all types of homes except luxury condos, which was marginally lower. The months supply ranged from 1.7 months for mid-market single-family homes to 3.7 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Single Family Home Below $525k
The Index for entry-level single-family homes, at 63, was up 21 percent in January, reflecting demand in the Limited category. The Index for entry-level and for mid-market single-family home segments were each 25 percent lower than one year earlier, a larger year-to-year gap in activity than any other segment of the market. The months supply, at 2.4, was marginally higher than the previous month.
Monthly Statistics for Single Family Home Below $525k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
52
Home Demand Index
from prior year
from prior year
83
Months of
inventory
inventory
2.4
Average daily inventory last month
615
Inventory sold
last month
last month
260
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Single Family Home $525k - $1250k
Buyer interest in mid-market single-family homes was up 39 percent in January according to the Bright MLS | T3 Home Demand Index. The Index, at 50, reflected a Limited pace of demand. Despite the increase over the month, demand was weaker than any other segment of the Washington Metro area market. There was a 1.7 months supply of homes available for sale, up marginally from 1.5 months in December.
Monthly Statistics for Single Family Home $525k - $1250k
Home Demand
Index
Index
50
(Limited)
Home Demand Index
from prior month
from prior month
36
Home Demand Index
from prior year
from prior year
67
Months of
Inventory
Inventory
1.7
Average daily inventory last month
848
Inventory sold
last month
last month
503
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Single Family Home Above $1250k
Demand for luxury single-family homes was higher in January, with the Index increasing 57 percent over the month to 66, a level consistent with a Limited pace of buyer interest. Compared with one year earlier the Index was 3 percent higher, the only segment to meet the year-earlier pace of demand. The months supply, at 3.5 months, was up from 2.7 months in December.
Monthly Statistics for Single Family Home Above $1250k
Home Demand
Index
Index
66
(Limited)
Home Demand Index
from prior month
from prior month
42
Home Demand Index
from prior year
from prior year
64
Months of
Inventory
Inventory
3.5
Average daily inventory last month
415
Inventory sold
last month
last month
119
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Condo Below $570k
The Bright MLS | T3 Home Demand Index for entry-level condos increased by one-third in January to 79 reflecting a Slow pace of buyer interest. Compared with one year earlier, the Index was just 8 percent lower. The inventory of homes for sale, at 2.7 months, was up from 2.5 months in December.
Monthly Statistics for Condo Below $570k
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
58
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
2.7
Average daily inventory last month
1,123
Inventory sold
last month
last month
419
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Condo Above $570k
The Index for luxury condos rose to the Steady category, reflecting a 64 percent increase in January. Buyer interest in this segment of the metro area market was stronger than any other as well, although accounting for a relatively small 4 percent of sales over the month. The months supply, at 3.7, was marginally lower compared with December.
Monthly Statistics for Condo Above $570k
Home Demand
Index
Index
95
(Steady)
Home Demand Index
from prior month
from prior month
58
Home Demand Index
from prior year
from prior year
110
Months of
Inventory
Inventory
3.7
Average daily inventory last month
291
Inventory sold
last month
last month
79
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | February 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was higher in January according to the Bright MLS | T3 Home Demand Index. At 61, the Index was consistent with a Limited pace of buyer interest. There was a 2.3 months supply of homes available for sale, up from 2.1 months in December.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
61
(Limited)
Home Demand Index
from prior month
from prior month
47
Home Demand Index
from prior year
from prior year
75
Months of
Inventory
Inventory
2.3
Average daily inventory last month
1,484
Inventory sold
last month
last month
638
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 February 2024 period with data collected from the previous month.
Released: February 11, 2024
Reference ID: 1985
Washington D.C. | February 2024
Home Demand Map (Zip Codes)
Buyer interest in homes was Moderate in Arlington County and Slow in Alexandria City, Falls Church City and Prince Georges County. Buyer interest was Limited in the rest of the metro area. Demand was Slow in the Southern Maryland and Maryland-West Virginia Panhandle areas and Limited in North Central Virginia. Across the Greater Washington area, demand in 80 percent of ZIP codes was Slow or Limited, down from 90 percent in December. Buyer interest in 8 percent of ZIP codes was in the High range in January, an increase from 4 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com