June 2024 Report
Washington D.C. Metro
Washington D.C. | June 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 84, reflecting a slow pace of buyer interest in the overall market. This represents a decrease from last month’s index of 90 and is also lower than the index of 93 recorded one year ago. The downward trend indicates a softening in market conditions amidst evolving economic factors.
During this report period, the Home Demand Index shows varied buyer interest across different home types. Demand for luxury single-family homes and condos remained robust, with these segments experiencing the highest levels of buyer activity. Despite strong demand, inventory levels remained constrained across all segments, leading to competitive market conditions.
Monthly Statistics for June 2024
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
93
Index change
from prior month
from prior month
-6.7%
Index change from
same time last year
same time last year
-9.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index (HDI) for this report period shows a decline to 84 from last month’s 90 and is significantly lower than the 93 recorded in the same period last year. This decline indicates a consistent softening in market demand over the past year. Despite periodic fluctuations, the overall trend reflects challenges in maintaining buyer interest amid varying economic conditions.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Home Demand Map
Demand for homes was strongest in the Maryland-West Virginia Panhandle, with an HDI of 114, categorized as “Moderate,” indicating consistently strong buyer interest. This was followed by Southern Maryland, with an HDI standing at 107 and classified as “Steady.” The Washington Metro area and North Central Virginia fall into the category of “Slow,” with HDIs of 84 and 81, respectively, reflecting consistently weak buyer activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Demand and Inventory by Home Type
During this report period, the Home Demand Index shows varied buyer interest across different home types. Demand for luxury single-family homes and condos remained robust, with these segments experiencing the highest levels of buyer activity. Despite strong demand, inventory levels remained constrained across all segments, leading to competitive market conditions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Single Family Home Below $535k
For single-family homes priced below $535k, the Home Demand Index (HDI) for this report period stands at 67, reflecting an 6% decrease from last month’s 71 and significantly below last year’s 83. This indicates a Limited pace of buyer interest, highlighting a continued downward trend in demand. The months supply of homes, at 1.6 months, remained stable compared to last month, reflecting ongoing inventory constraints in this segment.
Monthly Statistics for Single Family Home Below $535k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
83
Months of
inventory
inventory
1.6
Average daily inventory last month
670
Inventory sold
last month
last month
425
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Single Family Home $535k - $1280k
For single-family homes priced between $535k and $1.28k, the Home Demand Index (HDI) for this report period stands at 79, reflecting a 9% decrease from last month’s 87 and slightly below last year’s 86. This indicates a continued Slow pace of buyer interest in this segment. The months supply of homes remains tight, at 1.0 months, indicating limited inventory despite the decrease in demand.
Monthly Statistics for Single Family Home $535k - $1280k
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
1
Average daily inventory last month
1,404
Inventory sold
last month
last month
1,378
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Single Family Home Above $1280k
For single-family homes priced above $1.28M, the Home Demand Index (HDI) is 125 for this report period, reflecting a 12% decrease from last month’s 142 and an 9% decrease from last year’s 137. This indicates a Moderate level of demand despite the recent decline. The months supply of homes available for sale remains tight, contributing to the sustained interest in this luxury segment.
Monthly Statistics for Single Family Home Above $1280k
Home Demand
Index
Index
125
(Moderate)
Home Demand Index
from prior month
from prior month
142
Home Demand Index
from prior year
from prior year
137
Months of
Inventory
Inventory
1.6
Average daily inventory last month
722
Inventory sold
last month
last month
460
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Condo Below $575k
For entry-level condos priced below $575k, the Home Demand Index (HDI) stands at 100 for this report period, indicating a slight decline of 4% from last month’s 104 and 5% lower than last year’s 105. This reflects a steady level of demand, which aligns with ongoing market trends favoring affordable urban living. The months supply, at 2.1 months, remained unchanged, maintaining a tight inventory condition.
Monthly Statistics for Condo Below $575k
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
104
Home Demand Index
from prior year
from prior year
105
Months of
Inventory
Inventory
2.1
Average daily inventory last month
1,621
Inventory sold
last month
last month
755
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Condo Above $575k
For luxury condos priced above $575k, the Home Demand Index (HDI) stands at 119 for this report period, indicating a significant decrease of 16% from last month’s 142 and an 17% decline compared to last year’s 144. This drop reflects a moderation in buyer interest, possibly due to market adjustments or seasonal variations. While inventory has seen a slight increase from last month, the current supply of 2.9 months remains low compared to the typical balanced level.
Monthly Statistics for Condo Above $575k
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
142
Home Demand Index
from prior year
from prior year
144
Months of
Inventory
Inventory
2.9
Average daily inventory last month
439
Inventory sold
last month
last month
153
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | June 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for townhouses, rowhouses, and twins decreased to 81 this month, down from 85 last month and 88 one year ago. This segment continues to reflect a Slow pace of buyer interest, indicative of market softness. The months supply of homes increased slightly to 1.6, however, it remains low despite the increase.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
88
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,034
Inventory sold
last month
last month
1,295
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 June 2024 period with data collected from the previous month.
Released: June 11, 2024
Reference ID: 2056
Washington D.C. | June 2024
Home Demand Map (Zip Codes)
Demand for homes was strongest in the Maryland-West Virginia Panhandle, with an HDI of 114, categorized as “Moderate,” indicating consistently strong buyer interest. This was followed by Southern Maryland, with an HDI standing at 107 and classified as “Steady.” The Washington Metro area and North Central Virginia fall into the category of “Slow,” with HDIs of 84 and 81, respectively, reflecting consistently weak buyer activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com