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. | Nov-23
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Washington Metro area rose 14 percent in October to 57, a level consistent with Limited buyer demand. The Index was 37.4 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes, except luxury condos, rose in October. The Index was up 16 percent for entry-level single-family homes and by a somewhat smaller percentage for mid-market single-family homes, entry-level condos and townhouses. Demand for luxury condos was down slightly. Buyer interest was strongest for luxury condos and weakest for entry level and mid-market single-family homes. The months supply of homes for sale was higher for each type of home. The available inventory ranged from 1.8 months supply for mid-market single-family homes to 4.6 months for luxury condos.
Monthly Statistics for Nov-23
Home Demand
Index
Index
57
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
91
Index change
from prior month
from prior month
14%
Index change from
same time last year
same time last year
-37.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | Nov-23
Home Demand Index
Demand for homes in the Philadelphia Metro area rose in October according to the Bright MLS | T3 Home Demand Index. The Index, at 64, was 28 percent higher over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 26.4 percent lower.
Buyer interest in most types of homes rose in October. The Index for entry-level single-family homes increased the most, rising by 50 percent, followed by a 40 percent rise for entry-level condos. The Index was marginally lower for luxury condos although demand was stronger than any other segment of the metro area market. The Index was lowest for mid-market and luxury single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained relatively low in October although the months supply rose for all types of homes. The months supply ranged from 1.7 months for mid-market single-family homes to 8 months for luxury condos.
Monthly Statistics for Nov-23
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
87
Index change
from prior month
from prior month
28%
Index change from
same time last year
same time last year
-26.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | Nov-23
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Baltimore Metro area increased 18.5 percent to 64, a level consistent with Limited buyer demand. The Index was 28.9 percent lower than one year earlier.
Buyer interest in most types of metro area homes was higher in October. The Index for entry-level condos increased the most, rising 41 percent to 83, a level of demand in the Slow category. Buyer interest was strongest for luxury condos, despite a slight decrease in the Index over the month. Demand was weakest for entry-level single-family homes, with the Index one-third lower than a year earlier. The inventory of homes for sale remained very lean with 3 months or less inventory among all types of homes. The months supply ranged from 1.6 months for entry-level single-family homes to 3 months for luxury single-family homes.
Monthly Statistics for Nov-23
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
54
Home Demand Index
from prior year
from prior year
90
Index change
from prior month
from prior month
18.5%
Index change from
same time last year
same time last year
-28.9%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com