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. | September 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Washington Metro area fell 8.2 percent in August to 101, reflecting a Steady pace of demand. The Index had been in the Moderate range for the previous five months and was slightly more than 17 percent lower than the same month one year earlier.
Demand for homes in August was strongest for higher-priced single-family homes and higher-priced condos each with an Index reading that remained in the High range. Buyer interest was Limited for lower-priced single-family homes and Steady for lower-priced condos and townhouses. Demand for all types of homes in the Washington Metro area was flat or fell over the month. The months supply of inventory fell for higher-priced condos and was flat or marginally higher for all other segments. Inventory levels ranged from a 1.7 months supply for mid-priced single-family homes to three months for higher-priced condos.
Monthly Statistics for September 2022
Home Demand
Index
101
(Steady)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
122
Index change
from prior month
-8.2%
Index change from
same time last year
-17.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | September 2022

Home Demand Index

Demand for homes in the Philadelphia Metro market area fell in August according to the Bright MLS | T3 Home Demand Index. The Index, at 101, was 6.5 percent lower compared with the previous month and 14 percent lower than one year earlier.
Demand for Philadelphia Metro area homes was strongest for higher-priced single-family homes, which remained in the High demand category in August. Buyer interest was Steady for mid-priced single-family homes, lower-priced condos and townhouses. Demand rose marginally for higher-priced condos over the month and was down for each of the remaining types of homes. In August, the months supply fell for each type of home except higher-priced condos. The inventory of homes ranged from a 1.3 months supply for mid-priced single-family homes to a 5.5 months supply for higher-priced condos.
Monthly Statistics for September 2022
Home Demand
Index
101
(Steady)
Home Demand Index
from prior month
108
Home Demand Index
from prior year
118
Index change
from prior month
-6.5%
Index change from
same time last year
-14.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Baltimore | September 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Baltimore Metro market area fell seven percent in August to 107, reflecting a Steady pace of demand. The Index was just over 17.1 percent lower than one year earlier.
Buyer interest was greatest for higher-priced single-family homes and higher-priced condos, both of which remained in the High demand category. Demand for mid-priced single-family homes and townhouses remained in the Moderate range. Lower-priced single-family homes continued to exhibit the weakest demand with Limited buyer interest. Although the Index for higher-priced condos was up marginally in August, all other segments recorded softer demand over the month. The months supply was flat or fell only marginally over the month for each type of home. The inventory of homes for sale ranged from a 1.3 months supply for mid-priced single-family homes and lower-priced condos to 2.4 months for higher-priced condos.
Monthly Statistics for September 2022
Home Demand
Index
107
(Steady)
Home Demand Index
from prior month
115
Home Demand Index
from prior year
129
Index change
from prior month
-7%
Index change from
same time last year
-17.1%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com