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. | May 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 3.4 percent in April to 90, a level that is consistent with a Steady pace of buyer demand. Although marking the fourth consecutive monthly increase, the Index was 29.1 percent lower than one year earlier.
Buyer interest in entry-level condos was down marginally, while the Index for all other segments rose slightly. The Index was well below the year-earlier level across all segments with luxury single-family homes 40 percent lower, more than any other segment of the metro market. Demand was strongest for luxury condos, which continued to attract a High level of buyer interest, and in the Moderate category for luxury single-family homes. Buyer interest was in the Slow or Steady range for all other segments of the market. The months supply changed little in April compared with March but remained relatively lean among most segments of the market. The months supply ranged from 1.2 months for mid-market single-family homes to 3.5 months for luxury condos.
Monthly Statistics for May 2023
Home Demand
Index
90
(Steady)
Home Demand Index
from prior month
87
Home Demand Index
from prior year
127
Index change
from prior month
3.4%
Index change from
same time last year
-29.1%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | May 2023

Home Demand Index

Demand for homes in the Philadelphia Metro area rose 11.9 percent in April according to the Bright MLS | T3 Home Demand Index. The Index, at 94, was in the Steady category, an increase from the Slow pace of demand the previous month. Compared with one year earlier, the Index was 24.2 percent lower.
Demand rose among all types of homes except entry-level condos where buyer interest was unchanged. The Index increased the most for luxury single-family homes, although buyer demand was at a Slow pace despite the rise. Luxury condos attracted the greatest buyer interest with demand in the High category. Demand for all other types of homes was in the Steady or Slow range. The months supply of entry-level condos fell slightly while all other segments of the market recorded an increase. The months supply ranged from a low of 1.5 months for entry-level and mid-market single-family homes to a high of 7.4 months for luxury condos.
Monthly Statistics for May 2023
Home Demand
Index
94
(Steady)
Home Demand Index
from prior month
84
Home Demand Index
from prior year
124
Index change
from prior month
11.9%
Index change from
same time last year
-24.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | May 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area rose in April with the Index moving from Slow to Steady over the month. The Index, at 93, was 5.7 percent higher compare with March but remained well below the level one year earlier.
Buyer interest rose for all types of Baltimore Metro area homes over the month. Luxury condos continued to attract a High level of demand. Buyer interest was Slow for entry- and mid-market single-family homes and Steady or Moderate for other types of homes. The months supply of luxury single-family homes was lower in April, moving from 2.3 to two months largely due to an uptick in sales and was flat or only slightly higher for other types of homes. The months supply ranged from 1.2 months for mid-market single-family homes to 3.2 months for luxury condos.
Monthly Statistics for May 2023
Home Demand
Index
93
(Steady)
Home Demand Index
from prior month
88
Home Demand Index
from prior year
128
Index change
from prior month
5.7%
Index change from
same time last year
-27.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com