Philadelphia Metro

May 2022 |

Home Demand Index: 124 |

Tier: Moderate

Metro Area Overview

Demand for Philadelphia Metro area home rose in April according to the Bright MLS | T3 Home Demand Index. The Index, at 124, rose six percent to a level consistent with a Moderate level of demand.

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 2022

Home Demand Index

Demand for Philadelphia Metro area home rose in April according to the Bright MLS | T3 Home Demand Index. The Index, at 124, rose six percent to a level consistent with a Moderate level of demand.

In April, demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Buyer interest in lower-priced single-family homes was unchanged while demand for condos was marginally lower. Demand for higher-price single-family homes rose the most, with an increase of 18 percent over the month. The months supply of homes changed little in April compared with the previous month. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.1 months supply for higher-priced condos.

Home Demand
Index

124

(Moderate)

Home Demand Index
from prior month

117

Home Demand Index
from prior year

144

Index change
from prior month

Index change from
same time last year

-13.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | April 2022

Home Demand Index

Demand for Philadelphia Metro area homes rose by 12.5 percent in March according to the Bright MLS | T3 Home Demand Index. The Index, at 117, reflected Moderate buyer demand, an increase from Steady demand in February.

In March, buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Moreover, demand increased for each type of home except lower-priced single-family. The Index for higher-priced single-family homes rose the most, up by 26 percent over the month. The months supply fell among all types of homes. The inventory of homes ranged from a one-month supply for mid-priced single-family homes to a 3.2 months supply for higher-priced condos.

Home Demand
Index

117

(Moderate)

Home Demand Index
from prior month

104

Home Demand Index
from prior year

132

Index change
from prior month

12.5%

Index change from
same time last year

-11.4%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | March 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro market area increased slightly more than 21 percent in February to 103, reflecting Steady buyer demand. The Index was in the Slow range in January.

Demand increased for each type of home in February. The Index for higher-priced single-family homes and higher-priced condos rose the most, each up by more than 40 percent over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. The months supply of homes rose for all segments except lower-priced condos. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos.

Home Demand
Index

103

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

101

Index change
from prior month

21.2%

Index change from
same time last year

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | February 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose slightly more than 23 percent in January following two months of seasonal declines in buyer demand. The Index, at 85, reflected a Slow pace of demand compared with Limited demand in December. Although the Index rose over the month, it was nearly 16 percent lower than one year earlier.

Demand increased for all types of homes in January. The Index for higher-priced single-family homes and condos rose the most, each up by more than one-third over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for condos and higher-priced single-family homes. The months supply of homes rose for all segments except higher-priced condos. The months supply of homes ranged from 1.1 months for mid-priced single-family homes to 4.2 months for higher-priced condos.

Home Demand
Index

(Slow)

Home Demand Index
from prior month

Home Demand Index
from prior year

101

Index change
from prior month

23.2%

Index change from
same time last year

-15.8%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | January 2022

Home Demand Index

Demand for homes in the Philadelphia Metro area fell sharply in December, according to the Bright MLS | T3 Home Demand Index. The December Index, at 69, reflected a Limited pace of demand and was down by nearly 26 percent from November. Compared with one year earlier, demand was almost 13 percent lower.

Demand decreased for all types of Philadelphia Metro area homes in December. The Index for higher-priced single-family homes fell the most, down by more than one-third over the month. Demand was weakest for lower-priced single-family homes, which captured Limited buyer interest. Demand was in the Slow range for all other types of homes. The months supply of homes ranged from a one-month supply for mid-priced single-family homes to 5.6 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

-25.8%

Index change from
same time last year

-12.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | December 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index decreased by slightly more than 16 percent in November to 93, a reading that reflects a Steady pace of buyer demand. The Index was five percent lower than one year earlier.

Demand for homes in the Philadelphia Metro area was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand decreased for all types of homes in November. Although still reflecting the strongest level of buyer interest among all types of homes, the Index for higher-priced single-family homes fell the most, moving from High to Moderate demand. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.3 months for higher-priced condos.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

111

Home Demand Index
from prior year

Index change
from prior month

-16.2%

Index change from
same time last year

-5.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | November 2021

Home Demand Index

Buyer demand for homes in the Philadelphia Metro market area was unchanged in October. The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.

Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months’ supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months’ supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.

Home Demand
Index

111

(Moderate)

Home Demand Index
from prior month

111

Home Demand Index
from prior year

127

Index change
from prior month

Index change from
same time last year

-12.6%

Bright MLS | T3 Home Demand Index