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.

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 l 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.

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.