The demand for homes in the Washington region remains high, if down slightly from a month before, as inventory continues to be unable to keep up with demand and homes continue going from listing to ratified sales contract in less than a week.
The Bright T3 Home Demand Index stood at 147 in May, according to data reported June 10. The figure tracks showing requests, home searches and online views to provide a forward-looking view of the local market.
The 147 total puts the overall regional market in the “High” category (top of the five-level ranking). While down from 158 (also in the “High” range) in April, it was up from 122 (“Moderate”) a year before – although that figure was, to a degree, skewed artificially lower because of the onset of the COVID pandemic.
“Inventory levels are similar to 2019, but unable to keep up with demand,” noted the Bright MLS analysis. “New listings declined 6 percent from April.”
More demand and less supply equals higher prices, and the median sales price of properties in May was $570,000 across the region, a 10-year record.
Most, though not all, ZIP codes across the Washington region are analyzed each month. Among those that were, 22306 (Alexandria) stood at the top of the rankings, with a T3 score of 245, followed closely behind by the Alexandria ZIPs of 22311 (244) and 22303 (242). Rounding out the top five were the Reston ZIP of 20191 and the Alexandria ZIP of 22304 (each 236).
Among areas in the Sun Gazette coverage, the highest scores were found in the Arlington ZIPs of 22209 (207) and 22207 (188) and the Vienna ZIP of 22180 (181). Slightly down the scale were the Oakton ZIP of 22124 (149, still “High”) and, moving into “Moderate” territory, McLean’s 22101 (125) and Vienna’s 22182 (121).
McLean’s 22102 stood at 98 (“Steady”) while the 22066 ZIP of Great Falls was 63 (“Limited”) – not surprising, given the relatively small number of home sales in that area in any given month.