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. | January 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell by 29 percent in December to a reading of 69. The Limited demand in December reflected a decline from the Steady pace in November. The Index was slightly more than 23 percent lower than the level one year earlier.
Demand fell for each type of Washington Metro area home in December. Demand for higher-priced single-family and higher-priced condos decreased the most over the month, each dropping by more than one-third. Buyer interest in mid-priced single-family homes fell by 31 percent. The lower-priced and mid-priced single-family segments exhibited the weakest demand with both in the Limited demand category. All other types of homes recorded a Slow level of demand. Inventory levels ranged from just 0.8 months supply for mid-priced single-family homes to a 2.3 months supply for higher-priced condos. The month’s supply was down slightly for all market segments due mostly to a decrease in the number of listings on the market.
Monthly Statistics for January 2022
Home Demand
Index
69
(Limited)
Home Demand Index
from prior month
97
Home Demand Index
from prior year
90
Index change
from prior month
-28.9%
Index change from
same time last year
-23.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | January 2022

Home Demand Index

Demand for homes in the Philadelphia Metro area fell sharply in December, according to the Bright MLS | T3 Home Demand Index. The December Index, at 69, reflected a Limited pace of demand and was down by nearly 26 percent from November. Compared with one year earlier, demand was almost 13 percent lower.
Demand decreased for all types of Philadelphia Metro area homes in December. The Index for higher-priced single-family homes fell the most, down by more than one-third over the month. Demand was weakest for lower-priced single-family homes, which captured Limited buyer interest. Demand was in the Slow range for all other types of homes. The months supply of homes ranged from a one-month supply for mid-priced single-family homes to 5.6 months for higher-priced condos.
Monthly Statistics for January 2022
Home Demand
Index
69
(Limited)
Home Demand Index
from prior month
93
Home Demand Index
from prior year
79
Index change
from prior month
-25.8%
Index change from
same time last year
-12.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | January 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell in December, down by slightly more than 25 percent compared with the November reading. The Index, at 73, reflected a Slow pace of demand for homes and a decrease in buyer interest from a Moderate pace the month before. The December Index was 17 percent lower than one year earlier.
In December, demand fell for each type of home with the largest month-to-month decline in the mid-priced and higher-priced single-family segments. Lower-priced single-family homes and lower-priced condos exhibited the weakest demand. The higher-priced condo segment was the only type of Baltimore Metro area home to record a High level of buyer interest. The months supply of inventory was flat, or down, for each home type mostly due to a decline in the number of listings. The months supply ranged from 0.9 months for mid-priced single-family homes to 2.3 months for higher-priced condos.
Monthly Statistics for January 2022
Home Demand
Index
73
(Slow)
Home Demand Index
from prior month
98
Home Demand Index
from prior year
88
Index change
from prior month
-25.5%
Index change from
same time last year
-17%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com