Philadelphia Metro

November 2021 |

Home Demand Index: 111 |

Tier: Moderate

Metro Area Overview

Buyer demand for homes in the Philadelphia Metro market area was unchanged in October. The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.

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;

Market Trend Map

The Market Trend Map for the Philadelphia Metro pulls the county map from the monthly reports and combines to provide a time-lapse of the overall market. Use the navigation at the bottom to toggle between months.

Philadelphia Metro County-Level Market Trend Map | Home Demand Index

Philadelphia | November 2021

Home Demand Index

Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months’ supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months’ supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.

Home Demand
Index

111

(Moderate)

Home Demand Index
from prior month

111

Home Demand Index
from prior year

127

Index change
from prior month

Index change from
same time last year

-12.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | October 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro market area decreased by nearly seven percent in September to 110, reading in the Moderate range of demand. Compared with the same time last year, the Index was nearly 15 percent lower.

In September, demand was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced condos was unchanged over the month, while buyer interest was lower among the other types of homes tracked by the Index. Inventory levels remained tight, ranging from a 1.3 months supply for mid-priced single-family homes to a 4.9 months supply for higher-priced condos. The months’ supply of higher-priced single-family homes increased to 2.3 in September from 1.6 the month before, the largest change in months supply among all types of homes in the Philadelphia Metro market area.

Home Demand
Index

110

(Moderate)

Home Demand Index
from prior month

118

Home Demand Index
from prior year

129

Index change
from prior month

-6.8%

Index change from
same time last year

-14.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | September 2021

Home Demand Index

Demand for homes in the Philadelphia Metro market area rose marginally in August according to the Bright MLS | T3 Home Demand Index. The Index, at a reading of 118, was in the Moderate range and 11 percent lower than one year earlier.

Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, demand for lower-priced single-family homes was the weakest, the continuation of a months-long pattern. Buyer interest was strongest for higher-priced single-family homes. Demand for each of the six home types tracked by the Index was little changed over the month. Inventory levels remained tight ranging from a 1.3 months supply for mid-priced single-family homes to a 4.7 months supply for higher-priced condos.

Home Demand
Index

118

(Moderate)

Home Demand Index
from prior month

115

Home Demand Index
from prior year

133

Index change
from prior month

2.6%

Index change from
same time last year

-11.3%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | August 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area fell nearly 18 percent in July marking the third consecutive decline since the April peak. The Index, at 115, reflected a Moderate level of demand and was 16 percent below the level one year earlier.

Demand among each of the types of homes tracked by the Index fell in July compared with the previous month, reflecting a market-wide decrease in buyer interest. Demand continued to be strongest in the higher-priced single-family segment. The months supply remained extraordinarily lean across all segments of the market, ranging from 1.2 months for mid-priced single-family homes to 4.2 months for higher-priced condos.

Home Demand
Index

115

(Moderate)

Home Demand Index
from prior month

140

Home Demand Index
from prior year

137

Index change
from prior month

-17.9%

Index change from
same time last year

-16.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | July 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area was slightly lower in June according to the Bright MLS | T3 Home Demand Index. The Index fell by less than two percent over the month, to a reading of 139, and was virtually unchanged from the year before. June marked the fourth consecutive month with buyer demand in the High category.

Buyer demand was in the High category in all segments except lower-priced single-family where demand remained in the Limited category. Buyer interest in higher-priced single-family homes rose over the month, the only market segment to record an increase in demand in June. The June months supply was lower among all types of homes except lower-priced single-family, which rose slightly. The months supply of higher-priced condos declined the most, from 4.1 in May to 3.1 months in June.

Home Demand
Index

139

(High)

Home Demand Index
from prior month

141

Home Demand Index
from prior year

140

Index change
from prior month

-1.4%

Index change from
same time last year

-0.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | June 2021

Home Demand Index

Buyer interest in Philadelphia MLS market area homes was little changed in May compared with the previous month. The Bright MLS | T3 Home Demand Index, at 141, remained in the High demand category for the third consecutive month. Compared with the same month one year earlier, the Index was 36 percent higher, although the May 2020 reading reflects subdued home search activity during the early stages of the pandemic.

Buyer demand was in the High category in all market segments except lower-priced single-family homes where demand remained in the Limited category. Demand for single-family homes priced above $485,000 was particularly strong. Inventory conditions remained very tight among most types of homes tracked by the Index. The months supply ranged from 1.1 for mid-priced single-family homes to 4.1 for higher-priced condos. Except for a decline in higher-priced condos, the months supply was little changed for each type of home compared with April.

Home Demand
Index

141

(High)

Home Demand Index
from prior month

143

Home Demand Index
from prior year

104

Index change
from prior month

-1.4%

Index change from
same time last year

35.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | May 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area rose 10 percent in April based on the latest Bright MLS | T3 Home Demand Index. The Index recorded a reading of 143, reflecting a High level of demand for homes. Compared to one year earlier, the Index was 151 percent higher, a striking difference due largely to the significant drop in home search activity in early 2020 at the beginning of the pandemic.

Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, buyer interest continued to rise in most segments, even if only at a moderate pace. Demand was in the High category among all home types except lower-price single-family, which continued a months-long trend of subdued demand. There was little relief for would-be buyers searching for a home. The month’s supply ranged from just 1.1 for mid-priced single-family homes, representing about one-third of sales, to 5.1 months in the much smaller higher-priced condo segment.

Home Demand
Index

143

(High)

Home Demand Index
from prior month

130

Home Demand Index
from prior year

Index change
from prior month

10%

Index change from
same time last year

150.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

All reports for the Philadelphia Market Area.

Philadelphia | November 2021

Philadelphia | October 2021

Philadelphia | September 2021

Philadelphia | August 2021

Philadelphia | July 2021

Philadelphia | June 2021

Philadelphia | May 2021

Philadelphia | April 2021

Philadelphia | March 2021

Philadelphia | February 2021

Philadelphia | January 2021

Philadelphia | December 2020

Philadelphia | November 2020

Philadelphia | October 2020