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. | April 2024
Home Demand Index
Demand for homes in the Washington Metro area rose in March according to the Bright MLS | T3 Home Demand Index. The Index, at 83, was 9.2 percent higher over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 4.6 percent lower.
Buyer interest in all types of metro area homes rose in March. The Index for luxury single-family homes rose the most, up19 percent, followed by mid-market single-family homes with a 12 percent increase. Demand was strongest for luxury condos and luxury single-family homes, each of which attracted a Moderate level of buyer interest. Demand was weakest for entry-level and mid-market single-family homes with buyer interest in the Slow range. The months supply was lower for most types of homes and ranged from 1.1 months for mid-market single-family homes to 3.2 months for luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
87
Index change
from prior month
from prior month
9.2%
Index change from
same time last year
same time last year
-4.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area increased 7.8 percent to 83 in March and remained in the Slow demand category. The Index was 2.4 percent lower than one year earlier.
Buyer interest in all types of Philadelphia Metro area homes was higher in March. The Index for luxury single-family homes increased the most, rising 20 percent and moving from the Limited to the Slow category over the month. Buyer interest was strongest for luxury condos, which attracted a High level of demand, followed by entry-level condos and townhouses with Steady buyer interest. Although rising over the month, demand was the weakest for luxury and mid-market single-family homes, each with Slow demand. The months supply ranged from 1.7 months for mid-market single-family homes to 6.1 months for luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
85
Index change
from prior month
from prior month
7.8%
Index change from
same time last year
same time last year
-2.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | April 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area rose 4.8 percent in March to 87, a level consistent with Slow buyer demand. The Index was in the Slow category in February as well and just 1.1 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for most types of homes increased in March, the only exception being entry-level single-family homes. Among the types of homes with increased buyer interest, the Index rose by 6 to 7 percent over the month. Demand for luxury condos was in the Moderate category while entry-level condos, luxury single-family homes and townhouses attracted Steady buyer interest. Demand was Slow in the remaining market segments. The months supply ranged from 1.3 months for mid-market single-family homes to 2.4 months for luxury single-family homes and luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
83
Home Demand Index
from prior year
from prior year
88
Index change
from prior month
from prior month
4.8%
Index change from
same time last year
same time last year
-1.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com