A newly launched ranking of how healthy local communities are, real-estate wise, puts the 22201 ZIP code of North Arlington atop all locales in the Sun Gazette coverage area, with 22204 further south in the county not far behind.
Bright MLS, the Mid-Atlantic’s multiple-listing service, has launched the Bright T3 Home Demand Index – http://bright.homedemandindex.com – a first-of-its-kind, forward-looking measure of housing demand rooted in comprehensive current housing data.
Powered by real-estate research and consulting firm T3 Sixty, the index measures and tracks data on presale activities, including showing requests, home searches and views within Bright MLS. It also tracks accepted showings and home sales across the Bright footprint.
“With access to this Housing Demand Index, local Realtors throughout the Mid-Atlantic region will now be better equipped to help inform real-estate buying and selling decisions for their customers,” the firm noted.
“Realtors and other industry participants can view time-based charts for the last 24 months, a geographic map of the metropolitan area that is color-coded to various values, and a calculation of the key different housing types represented in the market.”
For the Washington metro area, the index rose 16 percent to stand at 117 in March, reflecting an increase from a “steady” to a “moderate” level of buyer interest. That’s effectively unchanged from a year before, at the very tail end of the pre-pandemic era.
Buyer interest rose for each home type compared to February, with the highest level of demand in the higher-end single-family market and condo market. Except for the lower-price single-family market, demand was as high, or higher, than a year before.
The index tracks most (though not all) ZIP codes in the local area, and of those in the Sun Gazette coverage region, 22201 stood at the top of the heap with an index score of 248, followed by 22204 at 243.
Also well above the regional index score were the Arlington ZIP codes of 22202 (212), 22203 (186), 22205 (169) and 22207 (144).
After that in Sun Gazette coverage area came Vienna ZIP codes 22181 (152) and 22180 (137), Arlington ZIP 22209 (134), McLean ZIPs 22101 and 22102 (96 each), Vienna ZIP 22182 (84), Oakton ZIP 22124 (74) and Great Falls ZIP 22066 (40).
A Bright MLS spokesman said the firm isn’t currently studying the economics of why some areas are outperforming others, but may do so as more data become available. But there were some ideas why areas like 22201 and 22204 were ahead of the pack.
“The demand in the closer-in communities like Arlington track with what we typically see in terms of sales and listing prices,” the spokesman said. “Prices and activity have been very strong in Arlington for several years. At the moment, it appears there’s more available inventory in some Arlington communities at the pricing ‘sweet spot’ for the area.”
One thing is for sure: Many prospective homebuyers are finding the challenge to be daunting, as inventory remains low in most areas, particularly among single-family homes and townhouses.
The data also give an inkling to where the roller-coaster ride that is real-estate sales may be heading.
“Early indications are that buyer interest in Washington-area homes will retrace the seasonal rise experienced last spring,” Bright MLS analysts suggested. “Low mortgage rates, an improving economy and the desire by some buyers to purchase a larger home have all contributed to the most recent rise in demand.”