October 2022 Report
Philadelphia Metro
Philadelphia | October 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased four percent in September to 97 reflecting a Steady pace of activity. The Index was 12.6 percent lower than one year earlier.
Buyer interest was strongest for higher-priced single-family homes in September followed by higher-priced condos, both with an Index in the High range. The mid-priced single-family, lower-priced condo and townhouse segments were characterized by Steady demand. Demand for each type of home changed little over the month. The months supply rose for all types of homes reflecting a pullback in sales relative to a small decrease in listings on the market. The months supply ranged from 6.4 months in the higher-priced condo segment to 1.4 month in the mid-priced single-family segment.
Monthly Statistics for October 2022
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
101
Home Demand Index
from prior year
from prior year
111
Index change
from prior month
from prior month
-4%
Index change from
same time last year
same time last year
-12.6%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Home Demand Index | Historical Year-over-Year Comparison
The Index has decreased a cumulative 19 percent since June and remains markedly lower than one year earlier. Demand was Moderate during the spring and early summer but has been at a Steady pace since July. The combined effects of higher mortgage rates and consumer wariness about the economy likely contributed to the decrease.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Home Demand Map
Demand was Steady in Chester County and the city of Philadelphia and Moderate in the remainder of the suburban Delaware and Pennsylvania counties. Buyer interest was Limited in Mercer County and Slow in the other New Jersey counties tracked by the Index. The Index was in the Moderate range in the Salem-Cumberland market area and Steady in Central Pennsylvania. Across the Greater Philadelphia area, demand was High in 22 percent of ZIP codes compared with 26 percent in August. Buyer interest was Slow or Limited in 49 percent of ZIP codes, an increase from 43 percent one month earlier.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Demand and Inventory by Home Type
Buyer interest was strongest for higher-priced single-family homes in September followed by higher-priced condos, both with an Index in the High range. The mid-priced single-family, lower-priced condo and townhouse segments were characterized by Steady demand. Demand for each type of home changed little over the month. The months supply rose for all types of homes reflecting a pullback in sales relative to a small decrease in listings on the market. The months supply ranged from 6.4 months in the higher-priced condo segment to 1.4 month in the mid-priced single-family segment.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Single Family Home Below $195k
Demand for lower-priced single-family homes was virtually unchanged in September from an already subdued level. The Index, at 22, reflected Limited buyer interest and was markedly lower than one year earlier as well. The months supply remained very low at just 1.9 months, unchanged from August.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
22
(Limited)
Home Demand Index
from prior month
from prior month
23
Home Demand Index
from prior year
from prior year
39
Months of
inventory
inventory
1.9
Average daily inventory last month
324
Inventory sold
last month
last month
169
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Single Family Home $195k - $485k
The Index for mid-priced single-family homes was down marginally in September to 94 but remained in the Steady category. In comparison, demand was in the Moderate range one year earlier. The months supply rose slightly to 1.4 in over the month due mostly to a slower pace of sales relative to the number of listings on the market. The months supply was lower than any other segment of the Philadelphia Metro market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
102
Home Demand Index
from prior year
from prior year
115
Months of
Inventory
Inventory
1.4
Average daily inventory last month
2,852
Inventory sold
last month
last month
1,987
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Single Family Home Above $485k
Demand for higher-priced single-family homes was largely unchanged in September. The Index, at 175, remained in the High range where it has been since February. A slower pace of sales over the month, along with a small drop in listings, pushed the months supply from 1.5 months in August to two months in September.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
175
(High)
Home Demand Index
from prior month
from prior month
177
Home Demand Index
from prior year
from prior year
176
Months of
Inventory
Inventory
2
Average daily inventory last month
2,045
Inventory sold
last month
last month
1,044
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Condo Below $360k
The Bright MLS | T3 Home Demand Index for lower-priced condos was down marginally in September to 97. Demand has been in the Steady range for the past three months. The months supply rose from 1.9 in August to 2.1 months in September.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
101
Home Demand Index
from prior year
from prior year
115
Months of
Inventory
Inventory
2.1
Average daily inventory last month
617
Inventory sold
last month
last month
290
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Condo Above $360k
Buyer interest in higher-priced condos rose in September, the only segment of the Philadelphia Metro market to record an increase. The Index, at 130, reflected a High level of demand. Moreover, demand was virtually unchanged from one year earlier. The months supply was a more-than-adequate 6.4 months, up from 5.5 months in August.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
130
(High)
Home Demand Index
from prior month
from prior month
123
Home Demand Index
from prior year
from prior year
133
Months of
Inventory
Inventory
6.4
Average daily inventory last month
343
Inventory sold
last month
last month
54
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Townhouse demand drifted lower in September but remained in the Steady range for the second consecutive month. The Index, at 105, was 11 percent lower than one year earlier. The months supply rose to 2.8 months from 2.4 months in August. Although still relatively low, the months supply was higher than any other segment of the Philadelphia Metro market except higher-priced condos.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
105
(Steady)
Home Demand Index
from prior month
from prior month
109
Home Demand Index
from prior year
from prior year
118
Months of
Inventory
Inventory
2.8
Average daily inventory last month
6,276
Inventory sold
last month
last month
2,249
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Note
1. This report is generated with data from the following counties:
- Central Pennsylvania – Adams, PA; Berks, PA; Cumberland, PA; Dauphin, PA; Franklin, PA; Fulton, PA; Lancaster, PA; Lebanon, PA; Perry, PA; Schuylkill, PA; York, PA;
- Ocean County – Ocean, NJ;
- Philadelphia Metro – Bucks, PA; Burlington, NJ; Camden, NJ; Chester, PA; Delaware, PA; Gloucester, NJ; Kent, DE; Mercer, NJ; Montgomery, PA; New Castle, DE; Philadelphia, PA;
- Salem-Cumberland – Cumberland, NJ; Salem, NJ;
2. This report is for the October 2022 period with data collected from the previous month.
Released: October 11, 2022
Reference ID: 1695
Philadelphia | October 2022
Home Demand Map (Zip Codes)
Demand was Steady in Chester County and the city of Philadelphia and Moderate in the remainder of the suburban Delaware and Pennsylvania counties. Buyer interest was Limited in Mercer County and Slow in the other New Jersey counties tracked by the Index. The Index was in the Moderate range in the Salem-Cumberland market area and Steady in Central Pennsylvania. Across the Greater Philadelphia area, demand was High in 22 percent of ZIP codes compared with 26 percent in August. Buyer interest was Slow or Limited in 49 percent of ZIP codes, an increase from 43 percent one month earlier.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com