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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.
Monthly Statistics for April 2022
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

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Philadelphia | April 2022

Home Demand Index | Historical Year-over-Year Comparison

Buyer demand has risen for three consecutive months after reaching a seasonal low in December. The Index was 11 percent lower than one year earlier, however, despite solid monthly gains since the start of the year. Since the December low, the Index has risen by 70 percent, a rate which closely tracked the 67 percent increase over the comparable three-month period last year.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Home Demand Map

In the Philadelphia Metro area, buyer interest was High in Bucks, Delaware, Montgomery and New Castle counties and weakest in Gloucester and Mercer counties. Demand was in the High range in the Salem-Cumberland market area and Steady in Central Pennsylvania. Across the Greater Philadelphia area, demand in one-third of ZIP codes was High, an increase from one-quarter of communities in February. The increase reflected the continued rise in demand as buyers ramped-up their search activity in more areas. Demand was strongest in the nearly-by suburban and urban communities and generally Slow or Limited in the outer, rural areas.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Demand and Inventory by Home Type

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.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Single Family Home Below $195k

Demand for lower-priced single-family homes continued to weaken in March. The Index, at 31, was down marginally from the previous month and 47 percent lower than the same month one year earlier. With just four percent of sales in March, the small number of homes listed for sale was quickly snapped up leading to a decline in the months supply from 1.9 months in February to 1.6 months in March.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
31
(Limited)
Home Demand Index
from prior month
34
Home Demand Index
from prior year
59
Months of
inventory
1.6
Average daily inventory last month
339
Inventory sold
last month
211
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Single Family Home $195k - $485k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes rose 12 percent in March to 112, a level of demand in the Moderate range. Although up over the month, the Index was still 16 percent lower than one year earlier. There was a one-month supply of homes available for sale, down marginally from 1.3 months in February. Moreover, the one-month supply was lower than any other segment of the Philadelphia market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
112
(Moderate)
Home Demand Index
from prior month
100
Home Demand Index
from prior year
133
Months of
Inventory
1
Average daily inventory last month
1,870
Inventory sold
last month
1,825
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Single Family Home Above $485k

Demand for higher-priced single-family homes in March rose the most of any segment of the Philadelphia market. The Index was up 26 percent to 200, a reading in the High range of demand. Compared to one year earlier, demand was at a comparable level suggesting that buyer interest has remained resilient even as both home prices and mortgage rates increased. The months supply fell to 1.7 months from 2.1 months in February largely because the rise in sales outstripped the increase in listings.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
200
(High)
Home Demand Index
from prior month
159
Home Demand Index
from prior year
197
Months of
Inventory
1.7
Average daily inventory last month
1,235
Inventory sold
last month
739
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Condo Below $360k

Buyer interest in lower-priced condos rose slightly in March but remained in the Moderate range. The Index was 17 percent lower than one year earlier when demand was in the High category with a reading of 143. There was 1.7 months supply available for sale, down from 1.9 months in February.
Monthly Statistics for Condo Below $360k
Home Demand
Index
118
(Moderate)
Home Demand Index
from prior month
110
Home Demand Index
from prior year
143
Months of
Inventory
1.7
Average daily inventory last month
568
Inventory sold
last month
344
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Condo Above $360k

Demand for higher-priced condos was strong in March. The Index, at 189, was up 12 percent over the month and remained in the High range of buyer interest. Buyer interest was at virtually the same level as one year earlier. Although accounting for a small share of sales in March, the 3.7 months supply was more favorable for buyers than any other segment of the Philadelphia market.
Monthly Statistics for Condo Above $360k
Home Demand
Index
189
(High)
Home Demand Index
from prior month
169
Home Demand Index
from prior year
190
Months of
Inventory
3.2
Average daily inventory last month
300
Inventory sold
last month
93
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | April 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for townhouses rose by 10 percent to 128 but remained in the Moderate range of buyer demand. The Index was somewhat lower than one year earlier when demand for townhouses was in the High category. The months supply fell to 1.8 from 2.4 months in February with an increase in sales outpacing a rise in listings.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
128
(Moderate)
Home Demand Index
from prior month
116
Home Demand Index
from prior year
141
Months of
Inventory
1.8
Average daily inventory last month
4,497
Inventory sold
last month
2,559
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Note

1. This report is generated with data from the following counties:
  • 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;
2. This report is for the April 2022 period with data collected from the previous month.
Released: April 11, 2022
Reference ID: 1600

Philadelphia | April 2022

Home Demand Map (Zip Codes)

In the Philadelphia Metro area, buyer interest was High in Bucks, Delaware, Montgomery and New Castle counties and weakest in Gloucester and Mercer counties. Demand was in the High range in the Salem-Cumberland market area and Steady in Central Pennsylvania. Across the Greater Philadelphia area, demand in one-third of ZIP codes was High, an increase from one-quarter of communities in February. The increase reflected the continued rise in demand as buyers ramped-up their search activity in more areas. Demand was strongest in the nearly-by suburban and urban communities and generally Slow or Limited in the outer, rural areas.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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