Philadelphia Metro

May 2023 |

Home Demand Index: 94 |

Tier: Steady

Metro Area Overview

Demand for homes in the Philadelphia Metro area rose 11.9 percent in April according to the Bright MLS | T3 Home Demand Index. The Index, at 94, was in the Steady category, an increase from the Slow pace of demand the previous month. Compared with one year earlier, the Index was 24.2 percent lower.

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 | May 2023

Home Demand Index

Demand rose among all types of homes except entry-level condos where buyer interest was unchanged. The Index increased the most for luxury single-family homes, although buyer demand was at a Slow pace despite the rise. Luxury condos attracted the greatest buyer interest with demand in the High category. Demand for all other types of homes was in the Steady or Slow range. The months supply of entry-level condos fell slightly while all other segments of the market recorded an increase. The months supply ranged from a low of 1.5 months for entry-level and mid-market single-family homes to a high of 7.4 months for luxury condos.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

124

Index change
from prior month

11.9%

Index change from
same time last year

-24.2%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | April 2023

Home Demand Index

Demand for homes in the Philadelphia Metro area increased in March, according to the Bright MLS | T3 Home Demand Index. The Index rose 5.1 percent to 83 reflecting a level of buyer interest in the Slow category.

Demand was up marginally for all types of homes but continued to lag well-behind the year-earlier pace. The Index for luxury single-family homes was 40 percent lower than one year earlier, the largest shortfall among each type of home. Buyer interest in luxury condos remained stronger than any other type of home with a Moderate level of demand. The weakest demand was for luxury single-family homes with buyers showing a Limited interest in this segment in March. The months supply fell for each type of home mostly due to a rise in sales and only a small increase in the number of listings on the market. The months supply ranged from a low of 1.4 months for mid-market single-family homes to a high of 5.5 months for luxury condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

117

Index change
from prior month

5.1%

Index change from
same time last year

-29.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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.

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.