Philadelphia Metro

May 2023 | 
Home Demand Index: 94 | 
Tier: Steady

Metro Area Overview

Demand for homes in the Philadelphia Metro area rose 11.9 percent in April according to the Bright MLS | T3 Home Demand Index. The Index, at 94, was in the Steady category, an increase from the Slow pace of demand the previous month. Compared with one year earlier, the Index was 24.2 percent lower.
The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Philadelphia Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.
Metro Market Trend Data by Bright MLS | T3 Home Demand Index
Each of the market areas listed above are defined as follows:
  • 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;

Philadelphia | May 2023

Home Demand Index

Demand for homes in the Philadelphia Metro area rose 11.9 percent in April according to the Bright MLS | T3 Home Demand Index. The Index, at 94, was in the Steady category, an increase from the Slow pace of demand the previous month. Compared with one year earlier, the Index was 24.2 percent lower.
Demand rose among all types of homes except entry-level condos where buyer interest was unchanged. The Index increased the most for luxury single-family homes, although buyer demand was at a Slow pace despite the rise. Luxury condos attracted the greatest buyer interest with demand in the High category. Demand for all other types of homes was in the Steady or Slow range. The months supply of entry-level condos fell slightly while all other segments of the market recorded an increase. The months supply ranged from a low of 1.5 months for entry-level and mid-market single-family homes to a high of 7.4 months for luxury condos.
Monthly Statistics for May 2023
Home Demand
Index
94
(Steady)
Home Demand Index
from prior month
84
Home Demand Index
from prior year
124
Index change
from prior month
11.9%
Index change from
same time last year
-24.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com