|Demand for Washington Metro area homes rose slightly in June according to the Bright MLS | T3 Home Demand Index. The Index rose 1.7 percent over the month to 120, reflecting a Moderate pace of demand.|
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.
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;
Home Demand Index
Demand for Washington Metro area homes rose slightly in June according to the Bright MLS | T3 Home Demand Index. The Index rose 1.7 percent over the month to 120, reflecting a Moderate pace of demand.
Demand for all types of homes in the Washington Metro area changed little over the month. The Index for townhouses rose seven percent while demand for higher-priced condos fell five percent. The change in the Index for all other segments was within this range. Demand for homes in June was strongest for higher-priced single-family homes and higher-priced condos each with an Index in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate for other segments of the market. The months supply of inventory rose marginally for each market segment in June compared with the previous month, the second consecutive month of across-the-board increases in months supply. Inventory levels ranged from a 1.2 months supply for mid-priced single-family homes to 2.7 months for higher-priced condos.
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Washington Metro area changed little in June and remained at a Moderate level where it has been since March. Despite rising mortgage rates, demand in June was only slightly lower than the April peak level of buyer interest during the height of the spring market. The Index was nearly 19 percent lower than one year earlier, however.
Home Demand Map
Although demand was at a Moderate level for the Washington Metro area overall, buyer interest in Arlington, Fairfax and Loudoun counties and Alexandria City and Falls Church City was in the High category in June. Buyer interest was in the Steady range in the suburban Maryland counties. Outside the metro area, demand was High in Southern Maryland and the Maryland-West Virginia Panhandle market areas and Moderate in the North Central Virginia region. Across the Greater Washington Metro area, demand in 38 percent of ZIP codes was in the High category, unchanged from May. In 37 percent of ZIP codes, demand was in the Slow or Limited range, down slightly from 40 percent in May.