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. | June 2021

Home Demand Index

Buyer demand for homes in the Washington MLS market area declined by seven percent based on the Bright MLS | T3 Home Demand Index. The Index, at 147, remained in the High category despite the decline over the month. Compared to one year earlier, the Index was 20 percent higher suggesting that demand for homes in the area remained strong.
Buyer demand was High among all types of homes except lower-priced single-family where demand was Slow. Buyer interest in each market segment softened in May, however. Consistent with the past several months, demand was strongest for single-family homes priced above $950,000 and higher-priced condos. The inventory of homes for sale remained low, ranging from just a 0.7 months supply for mid-priced single-family homes to a 2.7 months supply for higher-priced condos. The month’s supply for each type of home was little changed compared with April.
Monthly Statistics for June 2021
Home Demand
Index
147
(High)
Home Demand Index
from prior month
158
Home Demand Index
from prior year
122
Index change
from prior month
-7%
Index change from
same time last year
20.5%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | June 2021

Home Demand Index

Buyer interest in Philadelphia MLS market area homes was little changed in May compared with the previous month. The Bright MLS | T3 Home Demand Index, at 141, remained in the High demand category for the third consecutive month. Compared with the same month one year earlier, the Index was 36 percent higher, although the May 2020 reading reflects subdued home search activity during the early stages of the pandemic.
Buyer demand was in the High category in all market segments except lower-priced single-family homes where demand remained in the Limited category. Demand for single-family homes priced above $485,000 was particularly strong. Inventory conditions remained very tight among most types of homes tracked by the Index. The months supply ranged from 1.1 for mid-priced single-family homes to 4.1 for higher-priced condos. Except for a decline in higher-priced condos, the months supply was little changed for each type of home compared with April.
Monthly Statistics for June 2021
Home Demand
Index
141
(High)
Home Demand Index
from prior month
143
Home Demand Index
from prior year
104
Index change
from prior month
-1.4%
Index change from
same time last year
35.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | June 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore MLS market area fell three percent in May to a reading of 148. Although declining marginally over the month, May marked the third consecutive month of High buyer demand. The Index was 10 percent higher than one year earlier although the May 2020 reading was influenced by restrained market activity during the early stages of the pandemic.
Among the six types of homes tracked by the Index, only the lower-priced single-family segment exhibited softness with Limited demand in May, continuing a months-long trend. Demand for single-family homes priced above $590,000 and condos priced above $310,000 was extraordinarily strong. Inventory conditions remained tight among all types of homes ranging from a 0.8 months supply for mid-priced single-family homes to a 2.4 months supply for higher-priced condos. Overall, the months supply was little changed for each type of home compared with April.
Monthly Statistics for June 2021
Home Demand
Index
148
(High)
Home Demand Index
from prior month
153
Home Demand Index
from prior year
134
Index change
from prior month
-3.3%
Index change from
same time last year
10.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com