October 2024 Report
Washington D.C. Metro
Washington D.C. | October 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 85, reflecting a slight increase from last month’s 80 and a significant rise from last year’s index of 50. This trend suggests improving buyer activity, potentially influenced by favorable market conditions. The year-over-year growth highlights a stronger market, but the demand pace remains slow.
Buyer interest in all types of homes in the Washington D.C. metro area has increased. The index for luxury condos rose the most, up by 19%, followed by luxury single-family homes and townhouses, which both saw an 11% increase. Demand was strongest for luxury condos, attracting a moderate level of buyer interest. Conversely, demand was weakest for entry-level single-family homes, mid-market single-family homes, and townhouses, with buyer interest categorized as slow. The months of supply were higher for most types of homes, ranging from 1.8 months for mid-market single-family homes to 5 months for luxury condos.
Monthly Statistics for October 2024
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
50
Index change
from prior month
from prior month
6.3%
Index change from
same time last year
same time last year
70%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Home Demand Index | Historical Year-over-Year Comparison
The HDI shows a substantial improvement in market demand over the last year, with the index rising from 50 to 85. This 70% increase highlights stronger market conditions compared to the previous year, reflecting a recovery in buyer interest. However, while the year-over-year trend is positive, the market remains below historical peak levels.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Home Demand Map
Buyer interest has increased across most regions, with some areas moving from slow to moderate demand. Regions previously exhibiting limited demand, such as Frederick County, remain relatively weak, while other counties, like Arlington, have shown stronger demand levels. Overall, the trend suggests that key metro areas are recovering while surrounding regions continue to face demand challenges.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Demand and Inventory by Home Type
Buyer interest in all types of homes in the Washington D.C. metro area has increased. The index for luxury condos rose the most, up by 19%, followed by luxury single-family homes and townhouses, which both saw an 11% increase. Demand was strongest for luxury condos, attracting a moderate level of buyer interest. Conversely, demand was weakest for entry-level single-family homes, mid-market single-family homes, and townhouses, with buyer interest categorized as slow. The months of supply were higher for most types of homes, ranging from 1.8 months for mid-market single-family homes to 5 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Single Family Home Below $550k
For entry-level single-family homes, the index stands at 78, showing a modest 1% increase from last month’s 77 and a significant rise from last year’s 44. Despite the year-over-year improvement, buyer interest remains slow, as indicated by the relatively high inventory levels. Homes are taking longer to sell, suggesting market challenges in stimulating faster transactions.
Monthly Statistics for Single Family Home Below $550k
Home Demand
Index
Index
78
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
44
Months of
inventory
inventory
2.3
Average daily inventory last month
882
Inventory sold
last month
last month
378
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Single Family Home $550k - $1310k
The index for mid-range single-family homes is 74, reflecting a 3% rise from last month’s 72 and a substantial 72% increase from last year’s 43. This increase in demand indicates a shift from limited to slow buyer interest, possibly driven by rising consumer confidence. The market is slowly recovering, although competition remains relatively weak in this segment.
Monthly Statistics for Single Family Home $550k - $1310k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
72
Home Demand Index
from prior year
from prior year
43
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,732
Inventory sold
last month
last month
956
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Single Family Home Above $1310k
The index for luxury single-family homes has increased to 94, up 11% from last month’s 85 and 34% higher than last year’s 70. This shift from slow to steady buyer interest signals growing confidence in the luxury segment, likely driven by favorable market conditions. The improved index reflects an upward trend, with buyers re-entering the high-end market.
Monthly Statistics for Single Family Home Above $1310k
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
70
Months of
Inventory
Inventory
3.1
Average daily inventory last month
703
Inventory sold
last month
last month
228
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Condo Below $586k
For entry-level condos, the HDI is 101, reflecting a slight increase from last month’s 99 and a significant jump from last year’s 60. This steady demand growth indicates that buyer interest in affordable condos is holding strong. The year-over-year increase underscores the strength of the entry-level condo market amid broader economic recovery.
Monthly Statistics for Condo Below $586k
Home Demand
Index
Index
101
(Steady)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
60
Months of
Inventory
Inventory
3.6
Average daily inventory last month
1,947
Inventory sold
last month
last month
544
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Condo Above $586k
The HDI for luxury condos has risen to 125, a 19% increase from last month’s 105 and 34% higher than last year’s 93. This improvement in buyer interest suggests that the luxury condo market is gaining momentum, as more high-end units enter the market. The rising index points to a more competitive landscape, with buyers showing renewed interest in this segment.
Monthly Statistics for Condo Above $586k
Home Demand
Index
Index
125
(Moderate)
Home Demand Index
from prior month
from prior month
105
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
5
Average daily inventory last month
447
Inventory sold
last month
last month
90
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | October 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The HDI for townhouses, rowhouses, and twins stands at 88, up from last month’s 79 and significantly higher than last year’s 51. This increase reflects a gradual recovery in buyer interest, though the market remains slow-paced. Limited inventory and continued buyer preferences for these types of homes may be contributing to the recovery, with potential buyers re-entering the market due to favorable conditions.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
79
Home Demand Index
from prior year
from prior year
51
Months of
Inventory
Inventory
2.7
Average daily inventory last month
2,633
Inventory sold
last month
last month
967
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 October 2024 period with data collected from the previous month.
Released: October 11, 2024
Reference ID: 2127
Washington D.C. | October 2024
Home Demand Map (Zip Codes)
Buyer interest has increased across most regions, with some areas moving from slow to moderate demand. Regions previously exhibiting limited demand, such as Frederick County, remain relatively weak, while other counties, like Arlington, have shown stronger demand levels. Overall, the trend suggests that key metro areas are recovering while surrounding regions continue to face demand challenges.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com