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 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell 25.3 percent in December to a level reflecting Limited demand for homes. The Index was 18.8 percent lower than one year earlier.
The Index for all types of homes declined in December. Demand for higher-priced single-family homes fell the most, decreasing 37 percent over the month, followed by a 30 percent decline for higher-priced condos. The Index was highest for higher-priced single-family homes and higher-priced condos, although only in the Slow range of demand. Buyer interest was Limited in all other segments. In December, the months supply of inventory fell among all segments except higher-priced condos. The months supply ranged from two months for mid-priced single-family homes to 5.3 month for higher-priced condos.
Monthly Statistics for January 2023
Home Demand
Index
56
(Limited)
Home Demand Index
from prior month
75
Home Demand Index
from prior year
69
Index change
from prior month
-25.3%
Index change from
same time last year
-18.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | January 2023

Home Demand Index

Demand for homes in the Philadelphia Metro area was Limited in December according to the Bright MLS | T3 Home Demand Index. The Index fell 25 percent over the month and was 17.4 percent lower than one year earlier.
Demand for each type of home fell in December. The largest decreases were in the single-family and townhouse segments, each falling more than 20 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos although demand was in the Slow category. Demand in all other segments was Limited. The months supply of higher-priced condos rose in December but fell among all other segments. The months supply ranged from 1.6 months for mid-priced single-family homes to 9.3 months for higher-priced condos.
Monthly Statistics for January 2023
Home Demand
Index
57
(Limited)
Home Demand Index
from prior month
76
Home Demand Index
from prior year
69
Index change
from prior month
-25%
Index change from
same time last year
-17.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | January 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro area fell 20.5 percent to 62 in December, reflecting Limited buyer interest. The Index was 16.2 percent lower than one year earlier when demand was at a Slow pace.
The December Index was lower for each type of home compared with the month before. Demand for higher-priced single-family homes and higher-priced condos fell the most. Buyer interest was strongest for higher-priced condos, where demand was in the Moderate range, followed by higher-priced single-family homes where demand was Steady. All other segments were in the Slow or Limited demand category. The months supply for each type of home fell in December mostly due to a decrease in the number of listings available for sale. The months supply ranged from 1.6 months for lower-priced condos to 2.4 months for townhouses.
Monthly Statistics for January 2023
Home Demand
Index
62
(Limited)
Home Demand Index
from prior month
78
Home Demand Index
from prior year
74
Index change
from prior month
-20.5%
Index change from
same time last year
-16.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com