November 2024 Report
Washington D.C. Metro
Washington D.C. | November 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 69, reflecting a decrease from last month’s 87 but an increase over last year’s index of 58. This shift indicates a softening of market conditions month-over-month, while demand remains slightly improved compared to the previous year. Overall, the year-over-year gain suggests buyer interest is steady despite recent economic adjustments.
Inventory levels have decreased across all home types, while sales activity has increased, indicating a growing demand that is outpacing supply. Demand for luxury condos has shifted from moderate to steady, reflecting consistent interest in the high-end market segment. This trend suggests that buyers are willing to invest in luxury condos, signaling confidence in the luxury market’s resilience amid changing economic conditions.
Monthly Statistics for November 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
58
Index change
from prior month
from prior month
-20.7%
Index change from
same time last year
same time last year
19%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Home Demand Index | Historical Year-over-Year Comparison
The HDI for this report period is at 69, down from last month’s 87 but above last year’s 58, showcasing a moderate year-over-year improvement. This increase reflects a market with more consistent buyer interest relative to last year, despite current softening. The month-over-month decline signals an adjustment influenced by economic factors.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Home Demand Map
Demand has softened across most regions this month, with many areas showing slower activity levels compared to the previous period. Some metro areas maintain steady interest, while surrounding counties have seen limited or slow demand. The overall trend suggests a continued cooling in regional buyer activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Demand and Inventory by Home Type
Inventory levels have decreased across all home types, while sales activity has increased, indicating a growing demand that is outpacing supply. Demand for luxury condos has shifted from moderate to steady, reflecting consistent interest in the high-end market segment. This trend suggests that buyers are willing to invest in luxury condos, signaling confidence in the luxury market’s resilience amid changing economic conditions.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Single Family Home Below $550k
The entry-level single-family home index stands at 64, down from last month’s 81 but higher than last year’s 54. This indicates a slowdown in month-over-month demand, though buyer interest is improved over the previous year. Limited inventory continues to create competitive market conditions despite the decrease in buyer activity.
Monthly Statistics for Single Family Home Below $550k
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
54
Months of
inventory
inventory
1.7
Average daily inventory last month
759
Inventory sold
last month
last month
441
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Single Family Home $550k - $1320k
The index for mid-range single-family homes is 60, down from 76 last month but significantly above last year’s 50. This decrease reflects a softening in buyer interest compared to the prior period, while demand shows stability year-over-year. Inventory remains constrained, sustaining competition in this segment.
Monthly Statistics for Single Family Home $550k - $1320k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
50
Months of
Inventory
Inventory
1.5
Average daily inventory last month
1,477
Inventory sold
last month
last month
997
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Single Family Home Above $1320k
The luxury single-family home index stands at 74, a decline from last month’s 96 but higher than last year’s 72, reflecting cooling buyer interest. This segment remains competitive despite lower demand, as limited inventory keeps the market steady. The shift suggests cautious engagement from high-end buyers amid broader economic factors.
Monthly Statistics for Single Family Home Above $1320k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
72
Months of
Inventory
Inventory
2.6
Average daily inventory last month
593
Inventory sold
last month
last month
227
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Condo Below $590k
The entry-level condo index is at 85, down from 105 last month but higher than last year’s 69. This indicates steady buyer interest year-over-year, though there is a slight cooling trend in recent months. Demand in this segment remains resilient, supported by affordability and limited inventory.
Monthly Statistics for Condo Below $590k
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
105
Home Demand Index
from prior year
from prior year
69
Months of
Inventory
Inventory
2.8
Average daily inventory last month
1,737
Inventory sold
last month
last month
626
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Condo Above $590k
The luxury condo index has dropped to 97, down from last month’s 127 but still higher than last year’s 91. Buyer interest in this segment shows signs of softening, potentially due to economic shifts impacting high-end purchase decisions. Despite the recent decrease, demand remains relatively stable year-over-year.
Monthly Statistics for Condo Above $590k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
127
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
2.9
Average daily inventory last month
404
Inventory sold
last month
last month
140
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins stands at 73, down from last month’s 90 but significantly above last year’s 59. This points to a moderate cooling in demand month-over-month, though buyer interest shows improvement over last year. Limited inventory maintains competitiveness in this segment despite the recent demand drop.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
59
Months of
Inventory
Inventory
1.9
Average daily inventory last month
2,295
Inventory sold
last month
last month
1,186
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 2024 period with data collected from the previous month.
Released: November 11, 2024
Reference ID: 2142
Washington D.C. | November 2024
Home Demand Map (Zip Codes)
Demand has softened across most regions this month, with many areas showing slower activity levels compared to the previous period. Some metro areas maintain steady interest, while surrounding counties have seen limited or slow demand. The overall trend suggests a continued cooling in regional buyer activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com