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

Embed this tile on your site (links update monthly).

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. | February 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 32.6 percent in January to 61, a level consistent with Limited buyer demand. The Index was 18.7 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes increased in January. Demand for luxury condos rose 64 percent followed by a 57 percent increase for luxury single-family homes. Buyer interest was strongest for condos with demand for entry-level condos in the Slow range and luxury condo demand in the Steady category. Demand was Limited in all other segments of the metro area market. The months supply of homes for sale was higher for all types of homes except luxury condos, which was marginally lower. The months supply ranged from 1.7 months for mid-market single-family homes to 3.7 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
61
(Limited)
Home Demand Index
from prior month
46
Home Demand Index
from prior year
75
Index change
from prior month
32.6%
Index change from
same time last year
-18.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | February 2024

Home Demand Index

Demand for homes in the Philadelphia Metro area rose in January according to the Bright MLS | T3 Home Demand Index. The Index, at 65, was 30 percent higher over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 13.3 percent lower.
Buyer interest in all types of homes rose in January. The Index for luxury condos increased the most, rising by 75 percent, followed by a 40 percent rise for entry-level condos and luxury single-family homes. Demand was strongest for luxury condos, which attracted a Steady level of buyer interest, followed by entry-level condos with Slow demand. Demand was weakest for luxury single-family homes with buyer interest in the Limited range. The months supply increased for all types of homes except luxury condos. The months supply ranged from 2 months for mid-market single-family homes to 9.5 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
65
(Limited)
Home Demand Index
from prior month
50
Home Demand Index
from prior year
75
Index change
from prior month
30%
Index change from
same time last year
-13.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | February 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 19.6 percent to 67, a level consistent with Limited buyer demand. Buyer interest has been in the Limited range for 5 consecutive months. The Index was 16.3 percent lower than one year earlier.
Buyer interest in all types of Baltimore Metro area homes was higher in January. The Index for luxury condos increased the most, rising 75 percent to 119, a level of demand in the Moderate category. The Index was roughly one-fifth higher over the month for other market segments. Demand for condos in each price segment was stronger than other types of homes. Buyer interest in all types of single-family homes, which accounted for half of sales in January, was Limited. In fact, among all types of homes, demand was weakest for luxury single-family homes despite an uptick in demand over the month. The months supply rose for each type of home and ranged from 1.8 months for mid-market single-family homes to 4.6 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
67
(Limited)
Home Demand Index
from prior month
56
Home Demand Index
from prior year
80
Index change
from prior month
19.6%
Index change from
same time last year
-16.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com