Philadelphia Metro

July 2024 | 
Home Demand Index: 74 | 
Tier: Slow

Metro Area Overview

In this report period, the Overall Market Index stands at 74, a significant drop from last month’s 87 and 95 one year ago. This continuous decline reflects the ongoing adjustments in the market and economic conditions. Despite the decrease, the market still shows signs of resilience, maintaining a level of interest from buyers.
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 | July 2024

Home Demand Index

VIEW DETAILS
In this report period, the Overall Market Index stands at 74, a significant drop from last month’s 87 and 95 one year ago. This continuous decline reflects the ongoing adjustments in the market and economic conditions. Despite the decrease, the market still shows signs of resilience, maintaining a level of interest from buyers.
In the current report period, demand and inventory levels for various home types in Philadelphia show a diverse landscape. The demand for luxury single-family homes remained unchanged, indicating a Slow buyer interest in this segment. Meanwhile, entry-level condos saw a decline in demand, illustrating a shift in buyer preferences. Despite these variations, the overall market continues to grapple with limited inventory across most home types, sustaining competitive conditions for buyers.
Monthly Statistics for July 2024
Home Demand
Index
74
(Slow)
Home Demand Index
from prior month
87
Home Demand Index
from prior year
95
Index change
from prior month
-14.9%
Index change from
same time last year
-22.1%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com