Philadelphia Metro

February 2024 | 
Home Demand Index: 65 | 
Tier: Limited

Metro Area Overview

Demand for homes in the Philadelphia Metro area rose in January according to the Bright MLS | T3 Home Demand Index. The Index, at 65, was 30 percent higher over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 13.3 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;

Philadelphia | February 2024

Home Demand Index

Demand for homes in the Philadelphia Metro area rose in January according to the Bright MLS | T3 Home Demand Index. The Index, at 65, was 30 percent higher over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 13.3 percent lower.
Buyer interest in all types of homes rose in January. The Index for luxury condos increased the most, rising by 75 percent, followed by a 40 percent rise for entry-level condos and luxury single-family homes. Demand was strongest for luxury condos, which attracted a Steady level of buyer interest, followed by entry-level condos with Slow demand. Demand was weakest for luxury single-family homes with buyer interest in the Limited range. The months supply increased for all types of homes except luxury condos. The months supply ranged from 2 months for mid-market single-family homes to 9.5 months for luxury condos.
Monthly Statistics for February 2024
Home Demand
Index
65
(Limited)
Home Demand Index
from prior month
50
Home Demand Index
from prior year
75
Index change
from prior month
30%
Index change from
same time last year
-13.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com