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. | May 2024
Home Demand Index
In May 2024, the Home Demand Index (HDI) for the Washington DC Metro area stands at 87, indicating a steady yet cautious improvement from the previous month’s HDI of 86. Despite this positive trajectory, the index remains lower than the previous year’s HDI of 95, reflecting a year of softening market conditions amid evolving economic factors.
In Washington D.C., May 2024 saw a significant increase in demand for higher-priced single-family homes and condos, indicating robust market activity in these segments. The index for these home types showed noticeable gains from the previous month, highlighting strong buyer interest. Despite this rising demand, the inventory levels remained constrained, which likely fueled competitive conditions and drove the indices higher. This trend reflects a vigorous market for upscale properties in the capital, with sustained buyer enthusiasm despite limited availability.
Monthly Statistics for May 2024
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
95
Index change
from prior month
from prior month
1.2%
Index change from
same time last year
same time last year
-8.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | May 2024
Home Demand Index
In May 2024, Philadelphia’s Home Demand Index (HDI) marks an 89, witnessing a recovery from April’s index of 85, yet down from 97 recorded in the previous year. This trend illustrates a moderate rebound in market demand, though it remains below the levels seen in the prior year, reflecting ongoing adjustments in buyer behavior and economic conditions across the Philadelphia Metro area.
Philadelphia’s housing market in May 2024 reflected strong buyer interest across various home types, especially in the higher-priced single-family home segment. The demand index for these properties showed a significant upswing, indicating a healthy appetite among buyers. The market conditions were characterized by low inventory, which has been a persistent challenge, driving a competitive market landscape. This ongoing demand surge, particularly for luxury homes, underscores the city’s robust real estate dynamics amidst tight supply conditions.
Monthly Statistics for May 2024
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
97
Index change
from prior month
from prior month
4.7%
Index change from
same time last year
same time last year
-8.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | May 2024
Home Demand Index
As of May 2024, the Baltimore Metro area exhibits a tempered real estate market with the Bright MLS | T3 Home Demand Index standing at 88. This figure represents a decrease from the previous month’s index of 90 and a significant drop from the prior year’s index of 99. This trend indicates a subtle yet persistent softening of market dynamics, influenced by fluctuating economic conditions and buyer sentiment.
Baltimore’s housing market in May 2024 demonstrated a solid increase in demand for mid to high-priced single-family homes, with a particularly strong interest in the condo market. The demand indices for these home types rose considerably, suggesting a vibrant buying activity. The inventory constraints continued to pose challenges, keeping the market tight and competitive. This robust demand, coupled with low supply, points to a dynamic market environment where buyers are eager to secure properties in higher price brackets.
Monthly Statistics for May 2024
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
99
Index change
from prior month
from prior month
-2.2%
Index change from
same time last year
same time last year
-11.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com