What is the Home Demand Index?
The Home Demand Index (HDI) is the nation’s only local housing market index that tracks pre-sale activity to measure housing market competitiveness. The HDI uses data on pre-sale activities, including in-person showings of homes and views of homes online, to measure housing market activity across different geographies and types of homes. The data used to construct the HDI are the most accurate and up-to-date information from the real estate agents and prospective buyers and sellers that are active in the market.
While most housing market indices are based on history, the HDI provides forward-looking insights to real estate professionals and consumers to help make better decisions in a rapidly changing real estate market
Greater Metropolitan Market Areas
The Bright MLS |T3 Home Demand Index currently covers the three greater metropolitan market areas served by Bright MLS, namely the Greater Philadelphia Area (in blue), the Greater Washington D.C. Area (in gray), and the Greater Baltimore Area (in orange).
Colors are provided for visual identification of each market area and do not correlate to index activity level. Make a selection on the map to go to the report for a market area or view an overview of each market area here..
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Washington D.C. | November 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 69, reflecting a decrease from last month’s 87 but an increase over last year’s index of 58. This shift indicates a softening of market conditions month-over-month, while demand remains slightly improved compared to the previous year. Overall, the year-over-year gain suggests buyer interest is steady despite recent economic adjustments.
Inventory levels have decreased across all home types, while sales activity has increased, indicating a growing demand that is outpacing supply. Demand for luxury condos has shifted from moderate to steady, reflecting consistent interest in the high-end market segment. This trend suggests that buyers are willing to invest in luxury condos, signaling confidence in the luxury market’s resilience amid changing economic conditions.
Monthly Statistics for November 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
58
Index change
from prior month
from prior month
-20.7%
Index change from
same time last year
same time last year
19%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Home Demand Index
The Home Demand Index (HDI) currently stands at 69, down from 82 in the previous month, yet reflecting an increase from last year’s index of 65. This trend indicates a moderate cooling in market activity month-over-month, while demand remains higher than last year’s level. The year-over-year improvement signals consistent recovery and steady buyer interest.
Inventory levels decreased from the previous month across all home types, and demand has also declined. The condo segment has shifted from steady to slow demand, while all types of single-family homes have moved from slow to limited demand. This suggests a transitioning market, where the decrease in inventory may influence buyer decision-making.
Monthly Statistics for November 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
82
Home Demand Index
from prior year
from prior year
65
Index change
from prior month
from prior month
-15.9%
Index change from
same time last year
same time last year
6.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore currently stands at 72, reflecting a notable decrease from last months 87 and an increase from last year’s 66. This decline indicates a cooling in buyer interest compared to the previous month, though the annual growth highlights a more resilient demand in the market. Market dynamics continue to be influenced by economic factors, including fluctuations in mortgage rates and inventory constraints.
Demand for entry-level single-family homes is rising, with affordable options attracting more buyers. Luxury condos maintain the highest buyer interest, showing a slight gain in demand. Mid-market single-family homes have softened, while entry-level condos are holding steady. Townhouses see slower demand, constrained by limited inventory. The overall market shows mixed performance across home types, adapting to evolving buyer preferences.
Monthly Statistics for November 2024
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
66
Index change
from prior month
from prior month
-17.2%
Index change from
same time last year
same time last year
9.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com