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

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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. | June 2024

Home Demand Index

The Home Demand Index (HDI) for this report period stands at 84, reflecting a slow pace of buyer interest in the overall market. This represents a decrease from last month’s index of 90 and is also lower than the index of 93 recorded one year ago. The downward trend indicates a softening in market conditions amidst evolving economic factors.
During this report period, the Home Demand Index shows varied buyer interest across different home types. Demand for luxury single-family homes and condos remained robust, with these segments experiencing the highest levels of buyer activity. Despite strong demand, inventory levels remained constrained across all segments, leading to competitive market conditions.
Monthly Statistics for June 2024
Home Demand
Index
84
(Slow)
Home Demand Index
from prior month
90
Home Demand Index
from prior year
93
Index change
from prior month
-6.7%
Index change from
same time last year
-9.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | June 2024

Home Demand Index

In this report period, the Overall Market Index for the Philadelphia Metro area stands at 85, down from 90 last month and 94 one year ago. This indicates a continued decline in buyer demand, reflecting broader market adjustments and economic conditions. Despite the decrease, the market maintains interest from buyers, indicating resilience in the current housing environment.
In the current report period, demand and inventory levels for various home types in Philadelphia show a diverse landscape. The demand for luxury single-family homes remained unchanged, indicating a Slow buyer interest in this segment. Meanwhile, entry-level condos saw a decline in demand, illustrating a shift in buyer preferences. Despite these variations, the overall market continues to grapple with limited inventory across most home types, sustaining competitive conditions for buyers.
Monthly Statistics for June 2024
Home Demand
Index
85
(Slow)
Home Demand Index
from prior month
90
Home Demand Index
from prior year
94
Index change
from prior month
-5.6%
Index change from
same time last year
-9.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | June 2024

Home Demand Index

As of June 2024, the Home Demand Index (HDI) stands at 87, indicating a continued decline in market demand. This represents a decrease from last month’s index of 91 and a more significant drop from the previous year’s index of 97. The ongoing trend highlights a steady softening of buyer interest, likely influenced by broader economic conditions.
In June 2024, the Baltimore housing market exhibited strong buyer interest across various home types, particularly in the high-priced segments. The demand for luxury single-family homes and condos remained robust, while interest in entry-level condos stayed within the Steady pace. Inventory levels continued to be tight, with the months supply ranging from 1.1 months for mid-market single-family homes to 3.1 months for luxury condos, highlighting ongoing competitive market conditions.
Monthly Statistics for June 2024
Home Demand
Index
87
(Slow)
Home Demand Index
from prior month
91
Home Demand Index
from prior year
97
Index change
from prior month
-4.4%
Index change from
same time last year
-10.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com