Home demand across the GazetteLeader coverage area of Fairfax County remains sluggish, as many prospective purchasers have put off the chase until 2024.
Typical seasonal cooling combined with high purchase costs and a lack of inventory are challenging buyers across Northern Virginia, according to the monthly T3 Home-Demand Index, which looks at buyer interest all the way down to the ZIP code level.
The most recent report was issued Dec. 11 by Bright MLS. The open-ended scorecard gauges buyer-interest conditions as High with any total above 130; Moderate from 110-129; Steady from 90-109; and Slow from 70-89. Any score less than 70 suggests the market of available homes is limited.
For the month, Fairfax scored 53 on the ranking, in the middle of the regional pack.
In the GazetteLeader’s coverage area, scores were uniformly below that figure, largely owing to the preponderance of upscale single-family housing in these communities.
The local pack was led by Vienna’s 22181 with a score of 50, followed by neighboring 22180 (46). McLean’s 22102 came in at 45, with the 22027 ZIP of Dunn Loring recording 38.
Oakton’s 22124 scored 35, Vienna’s 22182 32, McLean’s 22101 30 and Great Falls’s 22066 17.
Across the region, Arlington led all comers with a tally of 98. Alexandria, which in mid-summer had briefly risen above Arlington to lead the field, was second in the new report at 74. Prince George’s County was third at 65.
Also on the list, Falls Church came in at 61, the District of Columbia at 57, Montgomery County at 50, Loudoun County at 49, the city of Fairfax at 47 and Frederick County at 40.
“While demand for entry-level single-family homes rose slightly in November, buyer interest in all other types of homes across the Washington metro area decreased,” said Lisa Sturtevant, chief economist of Bright MLS.
For the year, demand peaked in October then fell through September, when it bottomed out before rebounding slightly in October and November.
For full data all the way to the ZIP-code level across the region, see the Website at homedemandindex.com.
