Philadelphia Metro

April 2024 | 
Home Demand Index: 83 | 
Tier: Slow

Metro Area Overview

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area increased 7.8 percent to 83 in March and remained in the Slow demand category. The Index was 2.4 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 | April 2024

Home Demand Index

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The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area increased 7.8 percent to 83 in March and remained in the Slow demand category. The Index was 2.4 percent lower than one year earlier.
Buyer interest in all types of Philadelphia Metro area homes was higher in March. The Index for luxury single-family homes increased the most, rising 20 percent and moving from the Limited to the Slow category over the month. Buyer interest was strongest for luxury condos, which attracted a High level of demand, followed by entry-level condos and townhouses with Steady buyer interest. Although rising over the month, demand was the weakest for luxury and mid-market single-family homes, each with Slow demand. The months supply ranged from 1.7 months for mid-market single-family homes to 6.1 months for luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
83
(Slow)
Home Demand Index
from prior month
77
Home Demand Index
from prior year
85
Index change
from prior month
7.8%
Index change from
same time last year
-2.4%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com