Philadelphia Metro

September 2023 | 
Home Demand Index: 84 | 
Tier: Slow

Metro Area Overview

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area fell 2.3 percent in August to 84 and remained in the Slow buyer demand category. The Index was 16.8 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;

Philadelphia | September 2023

Home Demand Index

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The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area fell 2.3 percent in August to 84 and remained in the Slow buyer demand category. The Index was 16.8 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index reflected generally weaker buyer activity among all types of homes in August. Demand for luxury single-family homes fell the most with a 10 percent drop in the Index. The Index for entry-level single-family homes was unchanged while demand among the remaining market segments was marginally lower. Buyer interest in luxury condos and townhouses was in the Steady category while demand for all other types of homes was in the Slow range. The months supply was lower for each type of home ranging from 1.2 months for mid-market single-family homes to 5.2 months for luxury condos.
Monthly Statistics for September 2023
Home Demand
Index
84
(Slow)
Home Demand Index
from prior month
86
Home Demand Index
from prior year
101
Index change
from prior month
-2.3%
Index change from
same time last year
-16.8%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com