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This Home Demand Index Tracks the DC Area's Hot Market
If you’re a prospective home seller in the DC area, you want to know if you can expect a bidding war. If you’re a buyer, you want to know just how competitive the housing market is going to be.
The quick answer: the DC regional market is hot right now for sellers. But it's a little more complex than that and that's where the new Bright MLS T3 Home Demand Index comes in.
The Bright MLS T3 Home Demand Index offers a snapshot of the local market based on listing views by agents and buyers, home showing requests, accepted showing appointments and recent sales. The data shows where buyers are looking and what types of homes are most in demand.
The Home Demand Index provides a demand score with a baseline of 100. A score higher than 130 indicates strong demand. In March, the DC metro area’s score was 144, a 23 percent increase above February and 23 percent higher than in March 2020.
Of course, all real estate is local and various property types are in higher demand than others depending on where you are looking.
What’s most in demand? Luxury single-family homes priced $950K plus saw a 42 percent increase from the month of March as buyer demand continued to accelerate and prices continued to rise. All other unit types, including single-family homes, townhouses and condos saw high demand according to the Index and ranged from 136 to 198.
Demand by zip code
The good news for sellers continues in the latest Index.
Buyer demand was in the high category in more than 60 percent of zip codes, much higher than in February. Another 14 percent of zip codes had an Index in the moderate range. Few zip codes saw slow (70 to 89) or limited (70 and under) buyer interest. A few locations saw steady demand with a score of 90 to 109.
The DC zip code with the highest buyer demand, 20001 (with a score of 198) includes Shaw, Bloomingdale, LeDroit Park and Mt. Vernon Square. Eight more zip codes in the city, 20009 (Adams Morgan, Columbia Heights, Mt. Pleasant and Dupont Circle), 20004 (Penn Quarter), 20036 (downtown), 20037 (West End and Foggy Bottom), 20002 (Capitol Hill North, H Street corridor and Trinidad), 20024 (Southwest), 20015 (Friendship Heights and Chevy Chase, D.C.) and 20003 (Capitol Hill South and Navy Yard), all had high Index scores of 132 to 184.
The Demand Index helps buyers who are open to multiple neighborhoods find areas with less competition. Sellers can work with their agents and the Demand Index to review searches for homes in their neighborhood and use that information as part of their decision about when to list their home and at what price.
See other articles related to: bright mls
This article originally published at https://dc.urbanturf.com/articles/blog/this-home-demand-index-tracks-hot-dc-market/18171.
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