The article presents the speculative frame method for analysing the real estate market, identifying market tensions, small shocks and price bubbles. The method relies on time and price data series. In the speculative frame method, time is expressed by the horizontal parameter of the frame with a fixed interval, and house price dynamics is denoted by the vertical parameter that changes over time. The frame sequence is analysed to determine the rate of changes in housing prices. The main advantage of this index-based approach is that it diagnoses the real estate market in real time. The method was presented on the example of Polish housing markets and under simulated market conditions. The time series of home prices were analysed in Wrocław (the fourth largest Polish city) during dynamic price increases in 2002–2012, as well as in Warsaw (the Polish capital) in 2016–2018 during a period of market stability. Research limitations were identified, and robustness tests were conducted. The study demonstrated that the speculative frame method can be used as a rapid screening method for analysing a market’s performance based on house price dynamics.