Philadelphia Metro

March 2023 |

Home Demand Index: 77 |

Tier: Slow

Metro Area Overview

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro are rose modestly in February. The Index increased 4.1 percent to 77, which was consistent with a Slow pace of buyer activity but was 26 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 | March 2023

Home Demand Index

The Index for luxury single-family homes rose 18 percent in February while demand among the remaining segments changed little over the month. Demand for luxury condos was higher than any other segment with activity in the Moderate category. Buyer interest in mid-market and luxury single-family homes was Limited while demand was Slow for the remaining types of homes. The months supply ranged from a low of two months for mid-market single-family homes to a high of 7.1 months for luxury condos. The months supply of luxury single-family homes and condos rose over the month and was unchanged for the other segments.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

104

Index change
from prior month

4.1%

Index change from
same time last year

-26%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | February 2023

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 28.1 percent to 73 in January, reflecting a Slow pace of buyer activity. The Index was 14.1 percent lower than one year earlier.

The Bright MLS | T3 Home Demand Index for each type of home rose in January with demand for luxury condos, those on the market for more than $390,000, rising by more than half. In addition, the Index for luxury single-family homes priced over $680,000 rose by slightly more than 40 percent. While also rising the most, demand for luxury condos was the strongest with the Index in the Moderate category, followed by townhouses and entry-level condos, each with buyer interest in the Slow category. The months supply ranged from a low of two months for mid-market single-family homes to a high of 6.8 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

28.1%

Index change from
same time last year

-14.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | January 2023

Home Demand Index

Demand for homes in the Philadelphia Metro area was Limited in December according to the Bright MLS | T3 Home Demand Index. The Index fell 25 percent over the month and was 17.4 percent lower than one year earlier.

Demand for each type of home fell in December. The largest decreases were in the single-family and townhouse segments, each falling more than 20 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos although demand was in the Slow category. Demand in all other segments was Limited. The months supply of higher-priced condos rose in December but fell among all other segments. The months supply ranged from 1.6 months for mid-priced single-family homes to 9.3 months for higher-priced condos.

Home Demand
Index

(Limited)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-25%

Index change from
same time last year

-17.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | December 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area fell 13.8 percent in November to 75, a reading in the Slow range of demand. The HDI was 19.4 percent lower than one year earlier.

The Index for each type of home fell over the month ranging from a 12 percent decrease for mid-priced single-family homes and townhouses to a 25 percent drop for higher-priced single-family homes. Buyer interest in November was strongest for higher-priced single-family homes with a Moderate level of buyer interest, down from a High level of activity in October. Demand for other types of homes was mixed. The months supply rose for each type of home in November. The inventory of homes ranged from a two-month supply for mid-priced single-family homes to an 8.4 months supply for higher-priced condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

Index change
from prior month

-13.8%

Index change from
same time last year

-19.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | November 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased 10.3 percent in October. The Index, at 87, reflected a Slow pace of demand, down from a Steady pace in September. Compared with one year earlier, the Index was 21.6 percent lower.

Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

111

Index change
from prior month

-10.3%

Index change from
same time last year

-21.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

101

Home Demand Index
from prior year

111

Index change
from prior month

-4%

Index change from
same time last year

-12.6%

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.

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

All reports for the Philadelphia Market Area.

List of available data files that include the Philadelphia Market Area.

Washington D.C. | March 2023