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. | October 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro market area rose nearly six percent in September to 129, reading in the Moderate range. Although demand rose over the month, it was slightly more than nine percent below one year earlier.
Demand was High for all segments except lower-priced single-family homes. Consistent with the past several months, lower-priced single-family homes exhibited the weakest demand. There was a significant increase in demand in September for higher-priced single-family homes and higher-priced condos. Demand for lower-priced condos and townhouses rose marginally as well. Inventory levels remained tight, ranging from a 1.4 months supply for mid-priced single-family homes to a 3.8 months supply for higher-priced condos. The months’ supply for each type of home rose in September.
Monthly Statistics for October 2021
Home Demand
Index
129
(Moderate)
Home Demand Index
from prior month
122
Home Demand Index
from prior year
142
Index change
from prior month
5.7%
Index change from
same time last year
-9.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | October 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro market area decreased by nearly seven percent in September to 110, reading in the Moderate range of demand. Compared with the same time last year, the Index was nearly 15 percent lower.
In September, demand was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced condos was unchanged over the month, while buyer interest was lower among the other types of homes tracked by the Index. Inventory levels remained tight, ranging from a 1.3 months supply for mid-priced single-family homes to a 4.9 months supply for higher-priced condos. The months’ supply of higher-priced single-family homes increased to 2.3 in September from 1.6 the month before, the largest change in months supply among all types of homes in the Philadelphia Metro market area.
Monthly Statistics for October 2021
Home Demand
Index
110
(Moderate)
Home Demand Index
from prior month
118
Home Demand Index
from prior year
129
Index change
from prior month
-6.8%
Index change from
same time last year
-14.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | October 2021

Home Demand Index

Demand for homes in the Baltimore Metro market area decreased in September, according to the Bright MLS | T3 Home Demand Index. The Index was six percent lower, with a reading of 121 reflecting a Moderate level of demand. Compared to one year earlier, demand was nearly 12 percent lower.
Demand for lower-priced single-family homes was the weakest in September and the strongest demand was for higher-priced single-family homes and higher-priced condos. While the Index for higher-priced condos rose over the month, all other market segments were flat or down marginally compared with August. In September, the months’ supply of inventory rose for each of the six types of homes tracked by the Index. The supply was lowest for mid-priced single-family homes at 1.2 months and greatest for higher-priced condos at 2.8 months.
Monthly Statistics for October 2021
Home Demand
Index
121
(Moderate)
Home Demand Index
from prior month
129
Home Demand Index
from prior year
137
Index change
from prior month
-6.2%
Index change from
same time last year
-11.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com