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. | December 2024
Home Demand Index
The Home Demand Index (HDI) for this report period is 68, reflecting a decrease from last month’s 71 but an improvement over last year’s index of 57. This trend indicates a slight cooling in market conditions month-over-month while maintaining steady year-over-year demand growth. The stability highlights consistent buyer interest despite broader economic pressures.
Demand for entry-level single-family homes remained stable, with the index slightly increasing to 67 from last month’s 66 and up from last year’s 61. In contrast, luxury single-family homes experienced the largest decline during this period, with the index at 61 compared to last month’s 75 and last year’s 63. These shifts indicate heightened market activity in the entry-level homes segment, while the luxury homes segment faces reduced demand.
Monthly Statistics for December 2024
Home Demand
Index
Index
68
(Limited)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
57
Index change
from prior month
from prior month
-4.2%
Index change from
same time last year
same time last year
19.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Home Demand Index
The Home Demand Index (HDI) currently stands at 69, down slightly from last month’s 70 but higher than last year’s index of 64. This trend reflects a marginal cooling in buyer activity month-over-month while maintaining a positive year-over-year trajectory. The steady annual improvement signals a recovering market with sustained buyer interest despite seasonal fluctuations.
Entry-level single-family homes have seen demand stabilize at 71, unchanged from last month but higher than last year’s 68. Mid-range homes experienced a slight decline, dropping from 64 last month to 62 this period. Luxury homes have seen a decrease, with demand falling from 56 last month to 47. The remaining home segments have shown an increase this period. This disparity suggests heightened competition in the luxury homes segment, while entry-level demand remains steady amid affordability constraints.
Monthly Statistics for December 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
64
Index change
from prior month
from prior month
-1.4%
Index change from
same time last year
same time last year
7.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | December 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore stands at 73 this report period, a slight decrease from 74 last month but an increase from 67 a year ago. This reflects a marginal cooling in buyer activity compared to last month, though year-over-year growth indicates a more robust market recovery. Economic factors such as mortgage rates and inventory constraints continue to shape market dynamics.
Demand for entry-level single-family homes remains unchanged, reflecting constrained inventory and affordability challenges. Luxury condos maintain the highest buyer interest but show slight cooling in demand compared to last month. Luxury single-family homes face slower demand amid limited inventory. Mid-market single-family homes experience a modest softening, while entry-level condos have shifted from steady to slow demand. Townhouses remain in slow demand. Overall, the market demonstrates mixed performance, shaped by evolving buyer preferences and economic conditions.
Monthly Statistics for December 2024
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
74
Home Demand Index
from prior year
from prior year
67
Index change
from prior month
from prior month
-1.4%
Index change from
same time last year
same time last year
9%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com