Bright MLS | T3 Home Demand Index

What is the Bright MLS | T3 Home Demand Index?

The Bright MLS | T3 Home Demand Index measures and tracks consumer and real estate professional behavior related to shopping for real estate.

The Bright MLS | T3 Home Demand index 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 index 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.

Washington D.C. | May 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index rose nine percent in April to a reading of 157 reflecting a High level of demand for homes in the Washington MLS market area. The Index was significantly higher than one year earlier in large part due to the sharp drop in demand in earlier 2020 at the start of the pandemic.

An elevated level of buyer demand in the Washington market area was evident among most segments of the market. The Bright MLS | T3 Home Demand Index was in the High category for all types of homes except lower-priced single-family. Demand was strongest for higher-priced single-family homes and condos. With less than a one-month supply, the inventory of homes for sales was particularly low in the mid-priced single-family and townhouse segments which together accounted for 60 percent of sales in April.

Home Demand
Index

157

(High)

Home Demand Index
from prior month

144

Home Demand Index
from prior year

Index change
from prior month

Index change from
same time last year

63.5%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | May 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area rose 10 percent in April based on the latest Bright MLS | T3 Home Demand Index. The Index recorded a reading of 143, reflecting a High level of demand for homes. Compared to one year earlier, the Index was 151 percent higher, a striking difference due largely to the significant drop in home search activity in early 2020 at the beginning of the pandemic.

Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, buyer interest continued to rise in most segments, even if only at a moderate pace. Demand was in the High category among all home types except lower-price single-family, which continued a months-long trend of subdued demand. There was little relief for would-be buyers searching for a home. The month’s supply ranged from just 1.1 for mid-priced single-family homes, representing about one-third of sales, to 5.1 months in the much smaller higher-priced condo segment.

Home Demand
Index

143

(High)

Home Demand Index
from prior month

130

Home Demand Index
from prior year

Index change
from prior month

10%

Index change from
same time last year

150.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | May 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore MLS market area rose 12 percent in April to 153, a reading reflecting a High level of buyer demand. Demand was 56 percent higher than one year earlier, although a comparison with April 2020 largely reflects the sharp decline in demand and market disruptions in the early months of the pandemic.

Except for lower-priced single-family homes, demand rose in all segments of the market in April. Demand was strongest for higher-priced single-family and condo properties while lower-priced single-family homes continued a pattern of subdued demand. The month’s supply of homes ranged from a low of 0.8 for mid-priced single-family homes to a high of just 2.7 months for higher-priced condos.

Home Demand
Index

153

(High)

Home Demand Index
from prior month

137

Home Demand Index
from prior year

Index change
from prior month

11.7%

Index change from
same time last year

56.1%

Bright MLS | T3 Home Demand Index