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;

Philadelphia | March 2023

Home Demand Index

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 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.
Monthly Statistics for March 2023
Home Demand
Index
77
(Slow)
Home Demand Index
from prior month
74
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