What is the Home Demand Index?

This Home Demand Index (HDI) and accompanying economic research measures and tracks housing demand, home prices, and home buying activities by analyzing property data gathered from real estate agents, home sellers, and homebuyers involved in the viewing, showing, buying, and selling of homes.

The HDI utilizes a score that incorporates data on pre-sale activities, such as views of homes online and in-person showings of homes, across different geographies and types of homes in a local residential real estate market. Based on index scores, home buying demand activity is categorized along a five-level rating scale from Limited demand to High demand.

Most importantly, the HDI identifies demand for homes at the metropolitan and ZIP code level with the ability to make comparisons across geographic areas and market segments. This unique market analysis tool allows professionals and consumers to confidently track local market trends while also empowering better decision-making.

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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. | November 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index dropped 14.3 percent to 90 in October, a reading that reflects a Steady pace of buyer interest in Washington Metro area homes. The Index was 29.1 percent lower than one year earlier.
Demand for all types of homes fell over the month. The Index for higher-priced condos decreased 26 percent in October, more than any other segment of the market. The Index for other types of homes was down between 12 percent and 18 percent. Demand was strongest for higher-priced single-family homes with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Moderate or Steady for the remaining types of homes. The months supply of inventory ranged from 2.3 months for mid-priced single-family homes to 4.3 months for higher-priced condos. Changes in the months supply in October were mixed. The months supply rose for mid-priced single-family homes, lower-priced condos and townhouses but fell among the other segments.
Monthly Statistics for November 2022
Home Demand
Index
90
(Steady)
Home Demand Index
from prior month
105
Home Demand Index
from prior year
127
Index change
from prior month
-14.3%
Index change from
same time last year
-29.1%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | November 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased 10.3 percent in October. The Index, at 87, reflected a Slow pace of demand, down from a Steady pace in September. Compared with one year earlier, the Index was 21.6 percent lower.
Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.
Monthly Statistics for November 2022
Home Demand
Index
87
(Slow)
Home Demand Index
from prior month
97
Home Demand Index
from prior year
111
Index change
from prior month
-10.3%
Index change from
same time last year
-21.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | November 2022

Home Demand Index

Demand for Baltimore Metro area homes fell in October according to the Bright MLS | T3 Home Demand Index. The Index decreased 10.9 percent to 90, reflecting a Steady pace of buyer interest, and was 24.4 percent lower than one year earlier.
Demand eased among all types of homes in October. The Index for mid-priced and higher-priced single-family homes, along with higher-priced condos and townhouses, decreased by more than 10 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. The months supply rose for all types of homes except higher-priced condos. The inventory of homes for sale ranged from a 1.8 months supply for mid-priced single-family homes to 2.5 months for higher-priced single-family homes. The months supply rose the most for higher-priced single-family homes, up from 1.8 months in September to 2.5 months.
Monthly Statistics for November 2022
Home Demand
Index
90
(Steady)
Home Demand Index
from prior month
101
Home Demand Index
from prior year
119
Index change
from prior month
-10.9%
Index change from
same time last year
-24.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com