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. | November 2025
Home Demand Index
The Home Demand Index (HDI) for the Washington D.C. metro area is at 87 during this report period, down from 95 in the previous month. This decline reflects a slowdown in buyer activity. Compared with last year’s index of 72, demand remains significantly stronger on an annual basis, reflecting a notable improvement over the same period. The market category has shifted from Steady to Slow, highlighting a deceleration in overall activity.
Buyer demand across home types in Washington D.C. shows a downward trend, with all segments experiencing lower activity. Entry-level single-family homes recorded an index of 80, down from 84 in the previous month but up from 68 a year ago, indicating slower activity yet strong year-over-year growth in affordable segments. Mid-range single-family homes also declined, with the index falling to 81 from 88 in the previous month, suggesting cooling among move-up buyers. Luxury single-family homes dropped 19% compared with the previous month but remain 17% above last year, while luxury condos fell 20% in the previous month yet are still 13% higher than a year ago. This pattern reflects a general slowdown in the market, though demand remains stronger than the same period last year, likely influenced by inventory availability and evolving buyer preferences across price tiers.
Monthly Statistics for November 2025
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
95
Home Demand Index
from prior year
from prior year
72
Index change
from prior month
from prior month
-8.4%
Index change from
same time last year
same time last year
20.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2025
Home Demand Index
The Home Demand Index (HDI) for the Philadelphia metro area stands at 80 in the latest report, down from 83 last month. This modest month-over-month decline reflects a continued cooling in buyer activity heading into late fall, consistent with typical seasonal trends. However, compared with last year’s index of 70, overall demand remains stronger year-over-year, suggesting the market is maintaining a healthier pace than in 2024.
Buyer demand across home types in Philadelphia shows a mixed pattern this period. The index for entry-level single-family homes declined to 79 from 85 last month but remains above last year’s 72, suggesting that affordability continues to support first-time buyers. Mid-range single-family homes decreased slightly to 73 from 75, indicating a modest pullback in buyer activity within the mid-tier market, potentially reflecting constrained inventory limiting move-up purchases. Luxury single-family homes declined to 62 from 70 but remain higher than last year, signaling ongoing, though reduced, interest among higher-end buyers. Entry-level condos rose from 106 to 108, up from 77 last year, highlighting strong continued demand among first-time condo buyers. Luxury condos fell to 112 from 120 but remain significantly above last year’s 80, suggesting sustained interest at the upper end of the condo market. Townhouses declined slightly to 88 from 91 last month but remain above last year’s 78, indicating steady demand.
Monthly Statistics for November 2025
Home Demand
Index
Index
80
(Slow)
Home Demand Index
from prior month
from prior month
83
Home Demand Index
from prior year
from prior year
70
Index change
from prior month
from prior month
-3.6%
Index change from
same time last year
same time last year
14.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | November 2025
Home Demand Index
The Home Demand Index (HDI) for the Baltimore metro area stands at 86 for this report period, down from 90 last month but above the 75 recorded a year ago. This reading keeps the market within the Slow demand range, consistent with typical late-year cooling and reduced buyer urgency. The year-over-year increase, however, underscores a more stable demand environment than last fall, suggesting that while affordability and rate pressures persist, underlying buyer interest has strengthened compared to 2024.
Demand across Baltimore’s home types shows broad-based moderation this period. Entry-level single-family homes recorded a Home Demand Index of 70, down from 77 last month but above last year’s 67, highlighting ongoing affordability constraints for first-time buyers. Mid-range single-family homes declined to 85 from 88, remaining above last year’s 75, indicating steady move-up activity. Luxury single-family homes edged down to 98 from 105, yet remain well above last year’s 73, reflecting persistent high-end engagement. Entry-level condos posted an index of 103, down from 110 but higher than last year’s 95, while luxury condos held firm at 165, sustaining strong demand. Townhouses decreased to 89 from 91, still above last year’s level, signaling mild seasonal cooling in attached-home demand. Overall, demand is moderating compared with last month but remains elevated relative to last year across most segments.
Monthly Statistics for November 2025
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
75
Index change
from prior month
from prior month
-4.4%
Index change from
same time last year
same time last year
14.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com