January 2024 Report
Washington D.C. Metro
Washington D.C. | January 2024
Home Demand Index
Demand for homes in the Washington Metro area fell in December according to the Bright MLS | T3 Home Demand Index. The Index, at 45, was 21.1 percent lower over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 21.1 percent lower.
Buyer interest in all types of homes fell in December. The Index for luxury single-family homes decreased the most, falling by 35 percent, followed by a 27 percent decline for mid-market single-family homes. Demand was strongest for homes in each condo segment although still attracting only Limited buyer interest. Activity was weakest for mid-market single-family homes. The inventory of homes available for sale remained lean while the months supply decreased for all types of homes. The months supply ranged from 1.5 months for mid-market single-family homes to 3.8 months for luxury condos.
Monthly Statistics for January 2024
Home Demand
Index
Index
45
(Limited)
Home Demand Index
from prior month
from prior month
57
Home Demand Index
from prior year
from prior year
57
Index change
from prior month
from prior month
-21.1%
Index change from
same time last year
same time last year
-21.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Home Demand Index | Historical Year-over-Year Comparison
The Index fell in December following little change in November. The decline in mortgage rates since early November did not offset the effects of limited inventory and continued home price gains that have reduced affordability for homebuyers. Demand has trended down since the spring while the typical year-end slowdown was also at play in December. Moreover, demand for homes in the metro area during the past year has been well below the year-earlier pace.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Home Demand Map
In the Washington Metro area, buyer interest was strongest in Arlington County with Slow demand. Buyer interest was Limited in the other metro area counties. There was a Slow pace of buyer interest in the Maryland-West Virginia Panhandle region and in Southern Maryland and Limited demand in North Central Virginia. Across the Greater Washington area, demand in 90 percent of ZIP codes was in the Limited range, an increase from 85 percent in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Demand and Inventory by Home Type
Buyer interest in all types of homes fell in December. The Index for luxury single-family homes decreased the most, falling by 35 percent, followed by a 27 percent decline for mid-market single-family homes. Demand was strongest for homes in each condo segment although still attracting only Limited buyer interest. Activity was weakest for mid-market single-family homes. The inventory of homes available for sale remained lean while the months supply decreased for all types of homes. The months supply ranged from 1.5 months for mid-market single-family homes to 3.8 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Single Family Home Below $525k
Buyer interest in entry-level single-family homes was down significantly in December according to the Bright MLS | T3 Home Demand Index. The Index, at 50 reflected a Limited pace of demand. There was a 2.1 months supply of homes available for sale, down from 2.5 months in November.
Monthly Statistics for Single Family Home Below $525k
Home Demand
Index
Index
50
(Limited)
Home Demand Index
from prior month
from prior month
60
Home Demand Index
from prior year
from prior year
70
Months of
inventory
inventory
2.1
Average daily inventory last month
685
Inventory sold
last month
last month
321
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Single Family Home $525k - $1235k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes decreased 27 percent in December to 35 reflecting a Limited level of buyer interest. Moreover, demand was weaker than any other segment of the Washington Metro area market. The months supply of homes, at 1.5 months, was down from 1.8 months in November.
Monthly Statistics for Single Family Home $525k - $1235k
Home Demand
Index
Index
35
(Limited)
Home Demand Index
from prior month
from prior month
48
Home Demand Index
from prior year
from prior year
48
Months of
Inventory
Inventory
1.5
Average daily inventory last month
1,059
Inventory sold
last month
last month
685
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Single Family Home Above $1235k
Demand for luxury single-family homes was down markedly in December according to the Bright MLS | T3 Home Demand Index. At 41, the Index was down 35 percent over the month and consistent with a Limited pace of buyer interest. There was a 2.7 months supply of homes available for sale, down from 3.3 months in November.
Monthly Statistics for Single Family Home Above $1235k
Home Demand
Index
Index
41
(Limited)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
41
Months of
Inventory
Inventory
2.7
Average daily inventory last month
495
Inventory sold
last month
last month
186
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Condo Below $565k
The Index for entry-level condos fell 20 percent in December and remained in the Limited demand category. Buyer interest in this segment, along with luxury condos, was greater than any other despite the relatively weak demand. The months supply, at 2.5, was down from 2.8 months in November.
Monthly Statistics for Condo Below $565k
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
68
Months of
Inventory
Inventory
2.5
Average daily inventory last month
1,209
Inventory sold
last month
last month
485
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Condo Above $565k
Demand for luxury condos was lower in December, with the Index decreasing 23 percent over the month to 57, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 21 percent lower. The months supply, at 3.8 months, was down from 4.1 months in November.
Monthly Statistics for Condo Above $565k
Home Demand
Index
Index
57
(Limited)
Home Demand Index
from prior month
from prior month
74
Home Demand Index
from prior year
from prior year
72
Months of
Inventory
Inventory
3.8
Average daily inventory last month
323
Inventory sold
last month
last month
85
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | January 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Index for townhouses decreased by 18 percent to 46 in December and remained in the Limited category. Demand has been in the Limited range for 4 consecutive months. The months supply, at 2.1, was down from 2.3 months in November.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
46
(Limited)
Home Demand Index
from prior month
from prior month
56
Home Demand Index
from prior year
from prior year
58
Months of
Inventory
Inventory
2.1
Average daily inventory last month
1,680
Inventory sold
last month
last month
811
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 January 2024 period with data collected from the previous month.
Released: January 11, 2024
Reference ID: 1960
Washington D.C. | January 2024
Home Demand Map (Zip Codes)
In the Washington Metro area, buyer interest was strongest in Arlington County with Slow demand. Buyer interest was Limited in the other metro area counties. There was a Slow pace of buyer interest in the Maryland-West Virginia Panhandle region and in Southern Maryland and Limited demand in North Central Virginia. Across the Greater Washington area, demand in 90 percent of ZIP codes was in the Limited range, an increase from 85 percent in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com