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. | July 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 74, indicating a continued slow pace of buyer interest in the overall market. This represents a decline from last month’s index of 87 and is significantly lower than the index of 91 recorded one year ago. The downward trend underscores the ongoing softening of market conditions due to evolving economic factors.
In the current report period, the Home Demand Index shows varied buyer interest across different home types in the Washington D.C. Metro area. 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 July 2024
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
91
Index change
from prior month
from prior month
-14.9%
Index change from
same time last year
same time last year
-18.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Home Demand Index
In this report period, the Overall Market Index stands at 74, a significant drop from last month’s 87 and 95 one year ago. This continuous decline reflects the ongoing adjustments in the market and economic conditions. Despite the decrease, the market still shows signs of resilience, maintaining a level of interest from buyers.
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 July 2024
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
95
Index change
from prior month
from prior month
-14.9%
Index change from
same time last year
same time last year
-22.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | July 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore in this report period is 77, down from 90 last month and significantly lower than 97 a year ago. This decline indicates a continuous softening of market demand, reflecting the challenges in maintaining buyer interest. The trend suggests that broader economic conditions and limited inventory are affecting buyer activity in the Baltimore Metro area.
In the current report period, Baltimore’s housing market exhibited diverse buyer interest across different home types. The demand for entry-level single-family homes remained steady, reflecting a consistent interest from buyers despite market fluctuations. Mid-range single-family homes saw a notable surge in demand, with the Index rising significantly from last month’s 90 to 72, indicating heightened buyer activity in this segment. Luxury single-family homes continued to attract strong interest, maintaining a robust level of buyer activity. Meanwhile, entry-level condos experienced steady demand.
Monthly Statistics for July 2024
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
97
Index change
from prior month
from prior month
-14.4%
Index change from
same time last year
same time last year
-20.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com