Home Demand Map
| Demand was High in Arlington County, Moderate in Alexandria City and Steady in Fairfax County. Buyer interest in nearly all other counties in the metro area was in the Slow range. Demand was Moderate in the Maryland-West Virginia Panhandle region, Steady in Southern Maryland and Slow in North Central Virginia. Across the Greater Washington area, demand in 21 percent of ZIP codes was in the High or Moderate categories, up from 14 percent in February. Demand in 62 percent of ZIP codes was either Slow or Limited in March, a decrease from 73 percent of communities one month earlier. |
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 – Historical Year-over-Year Comparison
| The Index rose for the third consecutive month in March following a period of little movement in late fall and early winter. Since January, the Index has retraced the level of demand one year earlier, indicating that spring market activity this year is on the same trajectory as last year. Despite the increase in demand, mortgage rates at just under 7 percent and challenging inventory conditions remain among the headwinds that buyers face this spring. |
Demand and Inventory by Home Type
| 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. |
