Home-buyer interest in Fairfax County properties is improving but sits in the moderate range as the market moves toward spring, according to new figures, although one community in the Sun Gazette coverage area showed buyer interest already in bloom.
Fairfax County scored a 124 in the latest T3 Home Demand Index, created by the Mid-Atlantic multiple-listing service Bright MLS, detailed on March 14.
That’s up from 89 a month ago as the local market appears to be returning to its seasonal norms of slower autumn and winter sales and more robust transactions in spring and summer.
The ranking uses a variety of forward-looking data (such as visits to homes on the market) to settle on a monthly score for the Washington region’s overall homes market all the way down to the ZIP-code level. Unlike monthly sales data, it is a forward-looking index.
Across the D.C. region, February’s score of 108 was in the Steady category, up from 85 a month ago but down slightly from the 116 recorded for February 2021.
Inventory continues to constrain the market, as there are not enough properties to meet current demand.
“Overall, inventory conditions were tighter in February compared to January,” Bright MLS analysts noted. “Demand was strongest in higher-priced single-family homes and higher-priced condos.”
For the month, demand in 27 percent of ZIP codes for February was in the High category, up from 16 percent in January, suggesting the market is beginning to move into the spring buying season.
(Full data can be found at www.homedemandindex.com)
Among jurisdictions across the region, Arlington led the pack with a T3 score of 176, followed by Alexandria at 167, both in the High category.
After Fairfax came Prince George’s County (110, Moderate); Loudoun County and the District of Columbia (each 105, Steady); Frederick County (73, Slow); and Falls Church (48, Limited availability).
Among localities in the Sun Gazette coverage area, Dunn Loring (ZIP code 22027) raced ahead of the pack with a rating of 224 (High). In the Moderate category as Vienna 22181 (119).
In the Steady category were McLean 22102 (107) and Vienna 22180 (96). In the Slow category were McLean 22101 (73) and Oakton 22124 (71). Areas with Limited availability included Vienna 22182 (69) and Great Falls 22066 (53).