Washington D.C. Metro

May 2024 |

Home Demand Index: 87 |

Tier: Slow

Metro Area Overview

In May 2024, the Home Demand Index (HDI) for the Washington DC Metro area stands at 87, indicating a steady yet cautious improvement from the previous month’s HDI of 86. Despite this positive trajectory, the index remains lower than the previous year’s HDI of 95, reflecting a year of softening market conditions amid evolving economic factors.

The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Washington D.C. Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.

Metro Market Trend Data by Bright MLS | T3 Home Demand Index

Each of the market areas listed above are defined as follows:

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;

Market Trend Map

The Market Trend Map for the Washington D.C. Metro pulls the county map from the monthly reports and combines to provide a time-lapse of the overall market. Use the navigation at the bottom to toggle between months.

Washington D.C. Metro County-Level Market Trend Map | Home Demand Index

Washington D.C. | May 2024

Home Demand Index

In Washington D.C., May 2024 saw a significant increase in demand for higher-priced single-family homes and condos, indicating robust market activity in these segments. The index for these home types showed noticeable gains from the previous month, highlighting strong buyer interest. Despite this rising demand, the inventory levels remained constrained, which likely fueled competitive conditions and drove the indices higher. This trend reflects a vigorous market for upscale properties in the capital, with sustained buyer enthusiasm despite limited availability.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

1.2%

Index change from
same time last year

-8.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | April 2024

Home Demand Index

Demand for homes in the Washington Metro area rose in March according to the Bright MLS | T3 Home Demand Index. The Index, at 83, was 9.2 percent higher over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 4.6 percent lower.

Buyer interest in all types of metro area homes rose in March. The Index for luxury single-family homes rose the most, up19 percent, followed by mid-market single-family homes with a 12 percent increase. Demand was strongest for luxury condos and luxury single-family homes, each of which attracted a Moderate level of buyer interest. Demand was weakest for entry-level and mid-market single-family homes with buyer interest in the Slow range. The months supply was lower for most types of homes and ranged from 1.1 months for mid-market single-family homes to 3.2 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

9.2%

Index change from
same time last year

-4.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | March 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area increased 14.1 percent to 73, a level consistent with Slow buyer demand. Demand was in the Limited range in January. The Index was 5.2 percent lower than one year earlier.

Buyer interest in all types of Washington Metro area homes was unchanged or higher in February. The Index for luxury single-family homes increased the most, rising 40 percent. Buyer interest was strongest for luxury condos, which attracted a Moderate level of demand, followed by luxury single-family homes with Steady buyer interest. Demand was weakest for entry-level and mid-market single-family homes, each with Limited buyer interest. The months supply ranged from 1.5 months for mid-market single-family homes to 3.9 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

14.1%

Index change from
same time last year

-5.2%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | February 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 32.6 percent in January to 61, a level consistent with Limited buyer demand. The Index was 18.7 percent lower than one year earlier.

The Bright MLS | T3 Home Demand Index for all types of homes increased in January. Demand for luxury condos rose 64 percent followed by a 57 percent increase for luxury single-family homes. Buyer interest was strongest for condos with demand for entry-level condos in the Slow range and luxury condo demand in the Steady category. Demand was Limited in all other segments of the metro area market. The months supply of homes for sale was higher for all types of homes except luxury condos, which was marginally lower. The months supply ranged from 1.7 months for mid-market single-family homes to 3.7 months for luxury condos.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

32.6%

Index change from
same time last year

-18.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-21.1%

Index change from
same time last year

-21.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Washington D.C. | December 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area decreased 3.4 percent to 56, a level signaling continued Limited buyer demand. The Index was 26.3 percent lower than one year earlier.

While demand for entry-level single-family homes rose slightly in November, buyer interest in all other types of homes across the Washington Metro area decreased. The Index for luxury condos and luxury single-family homes fell the most, down by 23 percent and 14 percent, respectively. Despite the decrease in November, buyer interest was strongest for luxury condos, which attracted Slow demand, followed by entry-level condos with Limited buyer interest. Demand was weakest for mid-market single-family homes. The months supply was flat or somewhat higher for all types of homes except luxury condos. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.1 months supply for luxury condos.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-3.4%

Index change from
same time last year

-26.3%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

14%

Index change from
same time last year

-37.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

All reports for the Washington D.C. Market Area.

Washington D.C. | May 2024

Washington D.C. | April 2024

Washington D.C. | March 2024

Washington D.C. | February 2024

Washington D.C. | January 2024

Washington D.C. | December 2023

Washington D.C. | November 2023

Washington D.C. | October 2023

Washington D.C. | September 2023

Washington D.C. | August 2023

Washington D.C. | July 2023

Washington D.C. | June 2023

Washington D.C. | May 2023

Washington D.C. | April 2023

Washington D.C. | March 2023

Washington D.C. | February 2023

Washington D.C. | January 2023

Washington D.C. | December 2022

Washington D.C. | November 2022

Washington D.C. | October 2022

Washington D.C. | September 2022

Washington D.C. | August 2022

Washington D.C. | July 2022

Washington D.C. | June 2022

Washington D.C. | May 2022

Washington D.C. | April 2022

Washington D.C. | March 2022

Washington D.C. | February 2022

Washington D.C. | January 2022

Washington D.C. | December 2021

Washington D.C. | November 2021

Washington D.C. | October 2021

Washington D.C. | September 2021

Washington D.C. | August 2021

Washington D.C. | July 2021

Washington D.C. | June 2021

Washington D.C. | May 2021

Washington D.C. | April 2021

Washington D.C. | March 2021

Washington D.C. | February 2021

Washington D.C. | January 2021

Washington D.C. | December 2020

Washington D.C. | November 2020

Washington D.C. | October 2020

List of available data files. Note that the data file includes all data for the report period across the entire Bright MLS footprint.

Washington D.C. Metro

Metro Area Overview

Market Trend Map

Washington D.C. | May 2024

Home Demand Index

Washington D.C. | April 2024

Home Demand Index

Washington D.C. | March 2024

Home Demand Index

Washington D.C. | February 2024

Home Demand Index

Washington D.C. | January 2024

Home Demand Index

Washington D.C. | December 2023

Home Demand Index

Washington D.C. | November 2023

Home Demand Index

Dataset for May 2024

Dataset for April 2024

Dataset for March 2024

Dataset for February 2024

Dataset for January 2024

Dataset for December 2023

Dataset for November 2023

Dataset for October 2023

Dataset for September 2023

Dataset for August 2023

Dataset for July 2023

Dataset for June 2023

Dataset for May 2023

Dataset for April 2023

Dataset for March 2023