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. | October 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 85, reflecting a slight increase from last month’s 80 and a significant rise from last year’s index of 50. This trend suggests improving buyer activity, potentially influenced by favorable market conditions. The year-over-year growth highlights a stronger market, but the demand pace remains slow.
Buyer interest in all types of homes in the Washington D.C. metro area has increased. The index for luxury condos rose the most, up by 19%, followed by luxury single-family homes and townhouses, which both saw an 11% increase. Demand was strongest for luxury condos, attracting a moderate level of buyer interest. Conversely, demand was weakest for entry-level single-family homes, mid-market single-family homes, and townhouses, with buyer interest categorized as slow. The months of supply were higher for most types of homes, ranging from 1.8 months for mid-market single-family homes to 5 months for luxury condos.
Monthly Statistics for October 2024
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
50
Index change
from prior month
from prior month
6.3%
Index change from
same time last year
same time last year
70%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 81, consistent with last month’s report and showing a notable increase from last year’s index of 50. This stability in demand signals steady buyer interest in the market, with housing activity holding firm. The year-over-year growth reflects stronger demand and a recovery from last year’s weaker market conditions.
In the current report period, inventory levels for all home segments in Philadelphia have slightly increased compared to the previous month, but sales have not shown the same upward trend. Despite the rise in available homes, demand for single-family home segments and townhouses remains slow. Luxury condos continue to experience steady market conditions, demonstrating stable buyer activity, while entry-level condos have shifted from a slow to a steady category, indicating improved interest. The overall rise in inventory suggests that more sellers are listing their homes, but stagnant sales imply that buyers may still be cautious, possibly due to economic uncertainties or affordability concerns.
Monthly Statistics for October 2024
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
50
Index change
from prior month
from prior month
0%
Index change from
same time last year
same time last year
62%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | October 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore in this report period stands at 84, slightly down from 86 last month but considerably higher than the 54 recorded one year ago. This indicates a softening in buyer demand compared to the previous month, despite the continued year-over-year improvement. Market conditions continue to be shaped by economic uncertainties, including mortgage rate fluctuations and inventory constraints.
Demand for entry-level single-family homes in Baltimore rose by 4%, driven by increased buyer interest in affordable housing. Luxury condos experienced a modest 1% gain, maintaining the highest buyer interest across all segments. Mid-market single-family homes saw a slight downturn, while entry-level condos held steady in demand. Townhouses experienced a slow pace of demand, reflecting tighter inventory. Overall, the market is adapting to buyer preferences, with mixed performance across home types.
Monthly Statistics for October 2024
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
54
Index change
from prior month
from prior month
-2.3%
Index change from
same time last year
same time last year
55.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com