Philadelphia Metro

Philadelphia Metro | September 2021

Home Demand Index

Demand for homes in the Philadelphia Metro market area rose marginally in August according to the Bright MLS | T3 Home Demand Index. The Index, at a reading of 118, was in the Moderate range and 11 percent lower than one year earlier.

Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, demand for lower-priced single-family homes was the weakest, the continuation of a months-long pattern. Buyer interest was strongest for higher-priced single-family homes. Demand for each of the six home types tracked by the Index was little changed over the month. Inventory levels remained tight ranging from a 1.3 months supply for mid-priced single-family homes to a 4.7 months supply for higher-priced condos.

Home Demand
Index

118

(Moderate)

Home Demand Index
from prior month

115

Home Demand Index
from prior year

133

Index change
from prior month

2.6%

Index change from
same time last year

-11.3%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia Metro | August 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area fell nearly 18 percent in July marking the third consecutive decline since the April peak. The Index, at 115, reflected a Moderate level of demand and was 16 percent below the level one year earlier.

Demand among each of the types of homes tracked by the Index fell in July compared with the previous month, reflecting a market-wide decrease in buyer interest. Demand continued to be strongest in the higher-priced single-family segment. The months supply remained extraordinarily lean across all segments of the market, ranging from 1.2 months for mid-priced single-family homes to 4.2 months for higher-priced condos.

Home Demand
Index

115

(Moderate)

Home Demand Index
from prior month

140

Home Demand Index
from prior year

137

Index change
from prior month

-17.9%

Index change from
same time last year

-16.1%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | July 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area was slightly lower in June according to the Bright MLS | T3 Home Demand Index. The Index fell by less than two percent over the month, to a reading of 139, and was virtually unchanged from the year before. June marked the fourth consecutive month with buyer demand in the High category.

Buyer demand was in the High category in all segments except lower-priced single-family where demand remained in the Limited category. Buyer interest in higher-priced single-family homes rose over the month, the only market segment to record an increase in demand in June. The June months supply was lower among all types of homes except lower-priced single-family, which rose slightly. The months supply of higher-priced condos declined the most, from 4.1 in May to 3.1 months in June.

Home Demand
Index

139

(High)

Home Demand Index
from prior month

141

Home Demand Index
from prior year

140

Index change
from prior month

-1.4%

Index change from
same time last year

-0.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | June 2021

Home Demand Index

Buyer interest in Philadelphia MLS market area homes was little changed in May compared with the previous month. The Bright MLS | T3 Home Demand Index, at 141, remained in the High demand category for the third consecutive month. Compared with the same month one year earlier, the Index was 36 percent higher, although the May 2020 reading reflects subdued home search activity during the early stages of the pandemic.

Buyer demand was in the High category in all market segments except lower-priced single-family homes where demand remained in the Limited category. Demand for single-family homes priced above $485,000 was particularly strong. Inventory conditions remained very tight among most types of homes tracked by the Index. The months supply ranged from 1.1 for mid-priced single-family homes to 4.1 for higher-priced condos. Except for a decline in higher-priced condos, the months supply was little changed for each type of home compared with April.

Home Demand
Index

141

(High)

Home Demand Index
from prior month

143

Home Demand Index
from prior year

104

Index change
from prior month

-1.4%

Index change from
same time last year

35.6%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | May 2021

Home Demand Index

Demand for homes in the Philadelphia MLS market area rose 10 percent in April based on the latest Bright MLS | T3 Home Demand Index. The Index recorded a reading of 143, reflecting a High level of demand for homes. Compared to one year earlier, the Index was 151 percent higher, a striking difference due largely to the significant drop in home search activity in early 2020 at the beginning of the pandemic.

Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, buyer interest continued to rise in most segments, even if only at a moderate pace. Demand was in the High category among all home types except lower-price single-family, which continued a months-long trend of subdued demand. There was little relief for would-be buyers searching for a home. The month’s supply ranged from just 1.1 for mid-priced single-family homes, representing about one-third of sales, to 5.1 months in the much smaller higher-priced condo segment.

Home Demand
Index

143

(High)

Home Demand Index
from prior month

130

Home Demand Index
from prior year

Index change
from prior month

10%

Index change from
same time last year

150.9%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | April 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index rose by an extraordinary 30 percent in March to a level indicating a High level of buyer interest in homes in the Philadelphia MLS market area. Compared to one year earlier, the Index was 33 percent higher showing that buyer demand is on a trajectory to retrace or exceed the strong performance exhibited last year.

Buyer interest rose for each type of home tracked by the Bright MLS | T3 Home Demand Index in March. The smallest gain was in the lower-priced single-family segment, which has recorded weak demand for several months. Demand rose by one-third in the two largest segments, higher-priced single-family homes and townhouses. Except for lower-priced single-family homes, all segments recorded an Index significantly higher than one year earlier, even though low inventory remained a hurdle for most buyers when searching for a home.

Home Demand
Index

130

(High)

Home Demand Index
from prior month

100

Home Demand Index
from prior year

Index change
from prior month

30%

Index change from
same time last year

32.7%

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Philadelphia | March 2021

Home Demand Index

The Bright MLS | T3 Home Demand Index for the Philadelphia MLS market area rose 13 percent in February to a reading of Steady compared with a Slow pace of activity the previous month. Although the Index increased during the month, it was still 15 percent below the level one year earlier.

Buyer interest rose in February for each type of home tracked by the Bright MLS | T3 Home Demand Index. Demand for higher-priced condos and single-family homes rose the most over the month while buyer interest in lower-priced condos and single-family homes rose the least. The Index for mid-priced single-family homes, accounting for one-third of sales among all types of homes, was below the level one year earlier suggesting that this segment was off to a slower start this spring than last. Except for higher-priced condos, the months supply of homes for sale was three or lower, still very lean but in each case somewhat higher than the previous month.

Home Demand
Index

(Steady)

Home Demand Index
from prior month

Home Demand Index
from prior year

116

Index change
from prior month

12.5%

Index change from
same time last year

-14.7%

Bright MLS | T3 Home Demand Index