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

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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. | March 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area increased 14.1 percent to 73, a level consistent with Slow buyer demand. Demand was in the Limited range in January. The Index was 5.2 percent lower than one year earlier.
Buyer interest in all types of Washington Metro area homes was unchanged or higher in February. The Index for luxury single-family homes increased the most, rising 40 percent. Buyer interest was strongest for luxury condos, which attracted a Moderate level of demand, followed by luxury single-family homes with Steady buyer interest. Demand was weakest for entry-level and mid-market single-family homes, each with Limited buyer interest. The months supply ranged from 1.5 months for mid-market single-family homes to 3.9 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
73
(Slow)
Home Demand Index
from prior month
64
Home Demand Index
from prior year
77
Index change
from prior month
14.1%
Index change from
same time last year
-5.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | March 2024

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 15.2 percent in February to 76, a level consistent with Slow buyer demand. The Index was in the Limited category in January and 3.8 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes was unchanged or higher over the month. Demand for luxury single-family homes rose the most with an increase of 35 percent over the month. Buyer interest in entry-level condos was unchanged in February. Demand for luxury condos was stronger than any other type of home. In contrast, buyer interest in luxury single-family homes was softer than any other segment with the Index in the Limited category. The months supply of homes for sale was somewhat lower for each type of condo, and marginally higher for all other segments. The months supply ranged from 2.1 months for mid-market single-family homes to 7 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
76
(Slow)
Home Demand Index
from prior month
66
Home Demand Index
from prior year
79
Index change
from prior month
15.2%
Index change from
same time last year
-3.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | March 2024

Home Demand Index

Demand for homes in the Baltimore Metro area rose in February according to the Bright MLS | T3 Home Demand Index. The Index, at 80, was 15.9 percent higher over the month and reflected a Slow pace of buyer activity. Compared with one year earlier, the Index was 3.6 percent lower.
Buyer interest in all types of homes, except luxury condos, increased in February. The Index for luxury single-family homes rose the most, up by 48 percent over the month. Although down from the previous month, buyer interest in luxury condos remained stronger than any other segment with Moderate demand. Demand was weakest for entry-level and mid-market single-family homes, each with buyer interest in the Slow category. The inventory of homes available for sale remained relatively lean in February and was lower for each type of home over the month. The months supply ranged from 1.7 months for mid-market single-family homes to 3.2 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
80
(Slow)
Home Demand Index
from prior month
69
Home Demand Index
from prior year
83
Index change
from prior month
15.9%
Index change from
same time last year
-3.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com