November 2023 Report
Washington D.C. Metro
Washington D.C. | November 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 14 percent in October to 57, a level consistent with Limited buyer demand. The Index was 37.4 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes, except luxury condos, rose in October. The Index was up 16 percent for entry-level single-family homes and by a somewhat smaller percentage for mid-market single-family homes, entry-level condos and townhouses. Demand for luxury condos was down slightly. Buyer interest was strongest for luxury condos and weakest for entry level and mid-market single-family homes. The months supply of homes for sale was higher for each type of home. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.6 months for luxury condos.
Monthly Statistics for November 2023
Home Demand
Index
Index
57
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
91
Index change
from prior month
from prior month
14%
Index change from
same time last year
same time last year
-37.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Home Demand Index | Historical Year-over-Year Comparison
Following a 5-month slide, including a steep decline in September, the Index rose in October, but remained in the Limited category for the second consecutive month. Buyers have been navigating a market with higher mortgage rates and deteriorating affordability that has resulted in a decrease in market activity. Compared with one year earlier, demand was in the Steady range.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Home Demand Map
Demand was Steady in Arlington County and Slow in Alexandria City. Buyer interest was Limited across the rest of the Washington Metro area counties. Buyer interest was Slow in the Maryland-West Virginia Panhandle and Southern Maryland market areas and Limited in North Central Virginia. Across the Greater Washington area, demand was Slow or Limited in 84 percent of ZIP codes, down marginally from September. Buyer interest in 10 percent of ZIP codes was in the High or Moderate categories, up from 5 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index for all types of homes, except luxury condos, rose in October. The Index was up 16 percent for entry-level single-family homes and by a somewhat smaller percentage for mid-market single-family homes, entry-level condos and townhouses. Demand for luxury condos was down slightly. Buyer interest was strongest for luxury condos and weakest for entry level and mid-market single-family homes. The months supply of homes for sale was higher for each type of home. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.6 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Single Family Home Below $520k
Buyer interest in entry-level single-family homes was up in October according to the Bright MLS | T3 Home Demand Index. The Index, at 51, reflected a Limited pace of demand. There was a 2.4 months supply of homes available for sale, up from 1.8 months in September.
Monthly Statistics for Single Family Home Below $520k
Home Demand
Index
Index
51
(Limited)
Home Demand Index
from prior month
from prior month
44
Home Demand Index
from prior year
from prior year
88
Months of
inventory
inventory
2.4
Average daily inventory last month
733
Inventory sold
last month
last month
309
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Single Family Home $520k - $1220k
The Index for mid-market single-family homes was up 14 percent in October reflecting demand in the Limited category. The Index was 41 percent lower compared with one year earlier. There was a 1.8 months supply of homes for sale, up from 1.6 months in September.
Monthly Statistics for Single Family Home $520k - $1220k
Home Demand
Index
Index
49
(Limited)
Home Demand Index
from prior month
from prior month
43
Home Demand Index
from prior year
from prior year
83
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,506
Inventory sold
last month
last month
837
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Single Family Home Above $1220k
Demand for luxury single-family homes was up slightly in October to a level consistent with Slow demand. Compared with one year earlier, the Index was 23 percent lower. The inventory of homes for sale, at 3 months supply, was up marginally from the month before.
Monthly Statistics for Single Family Home Above $1220k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
92
Months of
Inventory
Inventory
3
Average daily inventory last month
679
Inventory sold
last month
last month
223
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Condo Below $560k
The Bright MLS | T3 Home Demand Index for entry-level condos rose 14 percent in October to 67 indicating a Limited level of buyer interest. Compared with one year earlier, the Index was one-third lower. The inventory of homes for sale, at 2.5 months supply, was up from 1.9 months in September.
Monthly Statistics for Condo Below $560k
Home Demand
Index
Index
67
(Limited)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
100
Months of
Inventory
Inventory
2.5
Average daily inventory last month
1,392
Inventory sold
last month
last month
553
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Condo Above $560k
The Index for luxury condos was down slightly over the month and remained in the Steady range of buyer demand. Buyer interest in this segment of the metro area market was stronger than any other, however. There was a 4.6 months supply of homes for sale, up from 3.6 months in September.
Monthly Statistics for Condo Above $560k
Home Demand
Index
Index
92
(Steady)
Home Demand Index
from prior month
from prior month
95
Home Demand Index
from prior year
from prior year
127
Months of
Inventory
Inventory
4.6
Average daily inventory last month
459
Inventory sold
last month
last month
100
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses rose 14 percent in October according to the Bright MLS | T3 Home Demand Index. At 58, the Index was consistent with a Limited pace of buyer interest. There was a 2.1 months supply of homes available for sale, up from 1.9 months in September.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
58
(Limited)
Home Demand Index
from prior month
from prior month
51
Home Demand Index
from prior year
from prior year
96
Months of
Inventory
Inventory
2.1
Average daily inventory last month
2,146
Inventory sold
last month
last month
1,000
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 November 2023 period with data collected from the previous month.
Released: November 11, 2023
Reference ID: 1937
Washington D.C. | November 2023
Home Demand Map (Zip Codes)
Demand was Steady in Arlington County and Slow in Alexandria City. Buyer interest was Limited across the rest of the Washington Metro area counties. Buyer interest was Slow in the Maryland-West Virginia Panhandle and Southern Maryland market areas and Limited in North Central Virginia. Across the Greater Washington area, demand was Slow or Limited in 84 percent of ZIP codes, down marginally from September. Buyer interest in 10 percent of ZIP codes was in the High or Moderate categories, up from 5 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com