April 2024 Report
Washington D.C. Metro
Washington D.C. | April 2024
Home Demand Index
Demand for homes in the Washington Metro area rose in March according to the Bright MLS | T3 Home Demand Index. The Index, at 83, was 9.2 percent higher over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 4.6 percent lower.
Buyer interest in all types of metro area homes rose in March. The Index for luxury single-family homes rose the most, up19 percent, followed by mid-market single-family homes with a 12 percent increase. Demand was strongest for luxury condos and luxury single-family homes, each of which attracted a Moderate level of buyer interest. Demand was weakest for entry-level and mid-market single-family homes with buyer interest in the Slow range. The months supply was lower for most types of homes and ranged from 1.1 months for mid-market single-family homes to 3.2 months for luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
87
Index change
from prior month
from prior month
9.2%
Index change from
same time last year
same time last year
-4.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Home Demand Index | Historical Year-over-Year Comparison
The Index rose for the third consecutive month in March following a period of little movement in late fall and early winter. Since January, the Index has retraced the level of demand one year earlier, indicating that spring market activity this year is on the same trajectory as last year. Despite the increase in demand, mortgage rates at just under 7 percent and challenging inventory conditions remain among the headwinds that buyers face this spring.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Home Demand Map
Demand was High in Arlington County, Moderate in Alexandria City and Steady in Fairfax County. Buyer interest in nearly all other counties in the metro area was in the Slow range. Demand was Moderate in the Maryland-West Virginia Panhandle region, Steady in Southern Maryland and Slow in North Central Virgnia. Across the Greater Washington area, demand in 21 percent of ZIP codes was in the High or Moderate categories, up from 14 percent in February. Demand in 62 percent of ZIP codes was either Slow or Limited in March, a decrease from 73 percent of communities one month earlier.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Demand and Inventory by Home Type
Buyer interest in all types of metro area homes rose in March. The Index for luxury single-family homes rose the most, up19 percent, followed by mid-market single-family homes with a 12 percent increase. Demand was strongest for luxury condos and luxury single-family homes, each of which attracted a Moderate level of buyer interest. Demand was weakest for entry-level and mid-market single-family homes with buyer interest in the Slow range. The months supply was lower for most types of homes and ranged from 1.1 months for mid-market single-family homes to 3.2 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Single Family Home Below $530k
The Index for entry-level single-family homes was up 6 percent in March reflecting demand in the Slow category. Moreover, demand was weaker than any other segment of the Washington Metro area market. The Index was 6 percent lower compared with one year earlier. The months supply, at 1.8, was down from 2.1 months in February.
Monthly Statistics for Single Family Home Below $530k
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
68
Home Demand Index
from prior year
from prior year
77
Months of
inventory
inventory
1.8
Average daily inventory last month
611
Inventory sold
last month
last month
346
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Single Family Home $530k - $1250k
Demand for mid-market single-family homes was higher in March, with the Index increasing 12 percent over the month to 74, a level consistent with a Slow pace of buyer interest. Compared with one year earlier, the Index was 10 percent lower. The months supply, at 1.1 months, was down from 1.5 months in February and lower than any other type of Washington Metro area home.
Monthly Statistics for Single Family Home $530k - $1250k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
66
Home Demand Index
from prior year
from prior year
82
Months of
Inventory
Inventory
1.1
Average daily inventory last month
1,050
Inventory sold
last month
last month
915
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Single Family Home Above $1250k
The Index for luxury single-family homes rose to the Moderate category from the Steady category in March. The Index, at 95, was 19 percent higher over the month. Moreover, the Index was 11 percent higher than one year earlier. The months supply, at 2.6, was down from 2.9 months in February.
Monthly Statistics for Single Family Home Above $1250k
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
100
Home Demand Index
from prior year
from prior year
107
Months of
Inventory
Inventory
2.6
Average daily inventory last month
588
Inventory sold
last month
last month
229
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Condo Below $570k
Buyer interest in entry-level condos was up 8 percent in March according to the Bright MLS | T3 Home Demand Index. The Index, at 99, reflected a Steady pace of demand and was 2 percent higher compared with one year earlier. There was a 2.4 months supply of homes available for sale, down from 2.7 months in February.
Monthly Statistics for Condo Below $570k
Home Demand
Index
Index
99
(Steady)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
97
Months of
Inventory
Inventory
2.4
Average daily inventory last month
1,377
Inventory sold
last month
last month
584
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Condo Above $570k
Demand for luxury condos was somewhat higher in March according to the Bright MLS | T3 Home Demand Index. At 126, the Index was consistent with a Moderate pace of buyer interest. Demand for homes in this segment of the metro area market was stronger than any other. There was a 3.2 months supply of homes available for sale, down from 3.9 months in February.
Monthly Statistics for Condo Above $570k
Home Demand
Index
Index
126
(Moderate)
Home Demand Index
from prior month
from prior month
124
Home Demand Index
from prior year
from prior year
144
Months of
Inventory
Inventory
3.2
Average daily inventory last month
394
Inventory sold
last month
last month
125
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | April 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for townhouses increased 10 percent in March to 80 reflecting a Slow pace of buyer interest. Compared with one year earlier, demand was marginally lower. The months supply of homes, at 1.7 months, was unchanged from the previous month.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
80
(Slow)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,680
Inventory sold
last month
last month
980
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 April 2024 period with data collected from the previous month.
Released: April 11, 2024
Reference ID: 2031
Washington D.C. | April 2024
Home Demand Map (Zip Codes)
Demand was High in Arlington County, Moderate in Alexandria City and Steady in Fairfax County. Buyer interest in nearly all other counties in the metro area was in the Slow range. Demand was Moderate in the Maryland-West Virginia Panhandle region, Steady in Southern Maryland and Slow in North Central Virgnia. Across the Greater Washington area, demand in 21 percent of ZIP codes was in the High or Moderate categories, up from 14 percent in February. Demand in 62 percent of ZIP codes was either Slow or Limited in March, a decrease from 73 percent of communities one month earlier.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com