August 2022 Report
Philadelphia Metro
Philadelphia | August 2022
Home Demand Index
Demand for homes in the Philadelphia Metro area fell in July according to the Bright MLS | T3 Home Demand Index. The Index, at 108, was 10 percent lower than the previous month and 6.1 percent lower than the same month one year earlier.
Demand for all types of homes fell in July. The largest decrease in the Index was in the higher-priced condo segment, down 17 percent over the month. Compared with one year earlier, demand was lower for all types of homes except higher-priced single-family homes, which was 16 percent higher. Buyer interest was strongest for higher-priced single-family homes, which remained in the High demand category in July. Although declining over the month, demand for townhouses remained in the Moderate range. The months supply rose for each type of home in July. The inventory of homes ranged from a 1.4 months supply for mid-priced single-family homes to a 4.8 months supply for higher-priced condos.
Monthly Statistics for August 2022
Home Demand
Index
Index
108
(Steady)
Home Demand Index
from prior month
from prior month
120
Home Demand Index
from prior year
from prior year
115
Index change
from prior month
from prior month
-10%
Index change from
same time last year
same time last year
-6.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Home Demand Index | Historical Year-over-Year Comparison
Compared with the springtime peak in April, the Index was 13 percent lower with most of the decrease occurring in July. The effects of deteriorating affordability, amplified by the rise in mortgage rates since the beginning of the year, likely sidelined some buyers. Overall, buyer interest has been lower so far this year than last year.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Home Demand Map
In the Philadelphia Metro area, demand was strongest in Bucks, Delaware and Montgomery counties, each with an Index in the High category. Demand was Steady or Slow across the suburban New Jersey counties and Philadelphia County and Moderate elsewhere in the metro area. Buyer interest remained in the High range in the Salem-Cumberland market area and at a Steady level in Central Pennsylvania. Across the Greater Philadelphia area, the Index in 31 percent of ZIP codes was in the High range compared with 39 percent in June.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Demand and Inventory by Home Type
Demand for all types of homes fell in July. The largest decrease in the Index was in the higher-priced condo segment, down 17 percent over the month. Compared with one year earlier, demand was lower for all types of homes except higher-priced single-family homes, which was 16 percent higher. Buyer interest was strongest for higher-priced single-family homes, which remained in the High demand category in July. Although declining over the month, demand for townhouses remained in the Moderate range. The months supply rose for each type of home in July. The inventory of homes ranged from a 1.4 months supply for mid-priced single-family homes to a 4.8 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Single Family Home Below $195k
Lower-priced single-family homes remained in the Limited range of buyer interest in July. The Index, at 25, was down marginally from the previous month and was more than one-third lower than one year earlier. There was a 2.5 months supply of homes for sales, up from 1.5 months in June, the increase due to a decline in sales over the month and an increase in listings.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
25
(Limited)
Home Demand Index
from prior month
from prior month
27
Home Demand Index
from prior year
from prior year
41
Months of
inventory
inventory
2.5
Average daily inventory last month
350
Inventory sold
last month
last month
141
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Single Family Home $195k - $485k
Buyer interest in mid-priced single-family homes was Steady in July, down from a Moderate pace in June. The Index, at 106, was eight percent lower than the previous month and 15 percent below the level one year earlier. Although up in July, the months supply, at 1.4, was still lower than any other segment of the Philadelphia Metro area market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
106
(Steady)
Home Demand Index
from prior month
from prior month
115
Home Demand Index
from prior year
from prior year
124
Months of
Inventory
Inventory
1.4
Average daily inventory last month
2,943
Inventory sold
last month
last month
2,165
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Single Family Home Above $485k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes fell 13 percent in July but remained in the High demand category. Unlike all other segments of the Philadelphia market, demand was higher than one year earlier, despite higher mortgage rates and rising home prices. The months supply, at 1.7, was up from 1.4 months in June.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
209
(High)
Home Demand Index
from prior month
from prior month
241
Home Demand Index
from prior year
from prior year
180
Months of
Inventory
Inventory
1.7
Average daily inventory last month
2,323
Inventory sold
last month
last month
1,372
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Condo Below $360k
Buyer interest in lower-priced condos fell in July. The Index, at 102, reflected a Steady pace of demand and was 19 percent lower than one year earlier. There was a 2.1 months supply of condos available for sale, up from 1.7 months in June.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
102
(Steady)
Home Demand Index
from prior month
from prior month
112
Home Demand Index
from prior year
from prior year
126
Months of
Inventory
Inventory
2.1
Average daily inventory last month
682
Inventory sold
last month
last month
329
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Condo Above $360k
Demand for higher-priced condos fell the most of any segment of the Philadelphia Metro area market. The Index, at 121, was 17 percent lower over the month, reflecting a Moderate pace of demand rather than the High level of buyer interest in June. There was a 4.8 months supply, up sharply from 3.6 months in June.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
121
(Moderate)
Home Demand Index
from prior month
from prior month
145
Home Demand Index
from prior year
from prior year
131
Months of
Inventory
Inventory
4.8
Average daily inventory last month
343
Inventory sold
last month
last month
71
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | August 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for the townhouse segment fell in July. The Index, at 112, was down 12 percent, but remained in the Moderate range of demand. The months supply rose to 2.5 from 1.9 months in June.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
112
(Moderate)
Home Demand Index
from prior month
from prior month
127
Home Demand Index
from prior year
from prior year
118
Months of
Inventory
Inventory
2.5
Average daily inventory last month
6,266
Inventory sold
last month
last month
2,460
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 August 2022 period with data collected from the previous month.
Released: August 11, 2022
Reference ID: 1662
Philadelphia | August 2022
Home Demand Map (Zip Codes)
In the Philadelphia Metro area, demand was strongest in Bucks, Delaware and Montgomery counties, each with an Index in the High category. Demand was Steady or Slow across the suburban New Jersey counties and Philadelphia County and Moderate elsewhere in the metro area. Buyer interest remained in the High range in the Salem-Cumberland market area and at a Steady level in Central Pennsylvania. Across the Greater Philadelphia area, the Index in 31 percent of ZIP codes was in the High range compared with 39 percent in June.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com