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. | September 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 77, which is unchanged from last year’s level but reflects a slight decline from last month’s 81. This trend suggests a softening of market conditions consistent with broader economic challenges impacting buyer activity. The year-over-year stability indicates that while demand remains subdued, it is not significantly worsening compared to last year.
The demand for single-family homes across various price points reflects a softening market trend, with entry-level and mid-range single-family homes both experiencing declines in buyer interest. Luxury single-family homes show a similar downward trend, albeit from a higher base of demand. Meanwhile, the condo market exhibits a relatively stable demand with minor fluctuations, and inventory levels remain constrained across all segments, maintaining a competitive market environment.
Monthly Statistics for September 2024
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
77
Index change
from prior month
from prior month
-4.9%
Index change from
same time last year
same time last year
0%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 80, reflecting a slight decrease from last month’s 81 and a more noticeable decline from the previous year’s 85. This downward trend suggests a softening in market conditions, with buyer interest showing cautious engagement amid ongoing economic uncertainties. The year-over-year decline underscores continued adjustments in market dynamics influenced by broader economic factors.
For this report period, the demand for single-family homes shows varied performance across different segments. Entry-level single-family homes are experiencing a decrease in demand, with the index dropping to 73 from 75 last month, indicating continued affordability challenges. In contrast, mid-range single-family homes have a stable demand index of 77, while luxury homes reflect a more significant decline to 65, suggesting a softening of interest in the higher-end segment.
Monthly Statistics for September 2024
Home Demand
Index
Index
80
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
85
Index change
from prior month
from prior month
-1.2%
Index change from
same time last year
same time last year
-5.9%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Baltimore | September 2024
Home Demand Index
The Home Demand Index (HDI) for Baltimore this report period stands at 84, indicating a decrease from last month’s 89 and consistent with a similar level last year of 86. This decline suggests a continuation of the market softening, with cautious buyer engagement amidst prevailing economic uncertainties. Market conditions remain influenced by fluctuating economic factors, including mortgage rates and inventory levels.
During this report period in Baltimore, entry-level single-family homes saw declining demand, categorized as Limited, with constrained inventory levels. Mid-market single-family homes exhibited modest improvement, moving towards Steady demand, while luxury single-family homes experienced a slight decrease but continued to maintain Moderate buyer interest. Demand for entry-level condos remained steady, supported by low inventory levels. Luxury condos continue to attract strong interest, despite a 15% decrease in the index. Townhouses showed increased demand, indicating steady buyer activity amid tight inventory conditions.
Monthly Statistics for September 2024
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
86
Index change
from prior month
from prior month
-5.6%
Index change from
same time last year
same time last year
-2.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com