December 2021 Report
Philadelphia Metro
Philadelphia | December 2021
Home Demand Index
The Bright MLS | T3 Home Demand Index decreased by slightly more than 16 percent in November to 93, a reading that reflects a Steady pace of buyer demand. The Index was five percent lower than one year earlier.
Demand for homes in the Philadelphia Metro area was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand decreased for all types of homes in November. Although still reflecting the strongest level of buyer interest among all types of homes, the Index for higher-priced single-family homes fell the most, moving from High to Moderate demand. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.3 months for higher-priced condos.
Monthly Statistics for December 2021
Home Demand
Index
Index
93
(Steady)
Home Demand Index
from prior month
from prior month
111
Home Demand Index
from prior year
from prior year
98
Index change
from prior month
from prior month
-16.2%
Index change from
same time last year
same time last year
-5.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Home Demand Index | Historical Year-over-Year Comparison
Following four months of Moderate demand for homes in the Philadelphia Metro area, buyer interest decreased in November, in line with the typical seasonal slowdown in activity at the end of the year. In addition, strained affordability as home prices continued to rise likely contributed to the softening of demand.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Home Demand Map
Demand was Moderate in Montgomery and Delaware counties and the Delaware portion of the Philadelphia Metro area in November. Buyer interest was Steady elsewhere in the Pennsylvania portion of the metro area and Slow or Limited across the New Jersey counties. Demand remained in the Moderate category in the Salem-Cumberland market area and was Slow in Central Pennsylvania. One-fifth of ZIP codes in the Greater Philadelphia area recorded a High level of demand compared with one-third of communities in October. Consistent with the overall decrease in demand, the Index in one-third of ZIP codes was in the Limited range compared with one-quarter in October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Demand and Inventory by Home Type
Demand for homes in the Philadelphia Metro area was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand decreased for all types of homes in November. Although still reflecting the strongest level of buyer interest among all types of homes, the Index for higher-priced single-family homes fell the most, moving from High to Moderate demand. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.3 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Single Family Home Below $195k
Demand for lower-priced single-family homes drifted lower in November. The Index, at 34, reflected Limited demand and was more than one-third lower than a year earlier, the largest 12-month decrease among all types of homes in the Philadelphia Metro area. Both sales and the inventory of homes for sale were lower over the month resulting in a slight increase in months supply to 1.9.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
34
(Limited)
Home Demand Index
from prior month
from prior month
36
Home Demand Index
from prior year
from prior year
56
Months of
inventory
inventory
1.9
Average daily inventory last month
488
Inventory sold
last month
last month
261
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Single Family Home $195k - $485k
Demand for mid-priced single-family homes moved from Moderate to Steady in November. The Index, at 97, was 16 percent lower than October but only slightly lower than one year earlier. This segment drives a significant share of activity in the market, accounting for two-thirds of single-family sales and one-third of all home sales in the Philadelphia Metro market area. The months supply, at 1.3, was unchanged in November and lower than any other segment of the market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
116
Home Demand Index
from prior year
from prior year
102
Months of
Inventory
Inventory
1.3
Average daily inventory last month
3,029
Inventory sold
last month
last month
2,269
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Single Family Home Above $485k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes fell to 123, a 26 percent decline over the month. Although the largest decrease among all types of homes, demand was still in the Moderate range indicating continued buyer interest. The months supply fell from 2.2 months in October to 1.8 months in November mostly due to a decline in listings available for sale.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
123
(Moderate)
Home Demand Index
from prior month
from prior month
167
Home Demand Index
from prior year
from prior year
112
Months of
Inventory
Inventory
1.8
Average daily inventory last month
1,805
Inventory sold
last month
last month
985
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Condo Below $360k
Demand for lower-priced condos moved from Moderate in October to Steady in November. The Index fell 19 percent to a reading of 94 and was somewhat lower than the pace one year earlier. Compared with October, the months supply was down marginally to 1.8. The months supply has trended lower since August when there was a 2.1 months supply.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
116
Home Demand Index
from prior year
from prior year
108
Months of
Inventory
Inventory
1.8
Average daily inventory last month
681
Inventory sold
last month
last month
382
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Condo Above $360k
The Bright MLS | T3 Home Demand Index for higher-priced condos was at 107 in November, reflecting Steady demand. Although down by 21 percent over the month, the Index was somewhat higher than one year earlier, reflecting the solid underlying demand for higher-priced properties, which has characterized the market for several months. The months supply, at 5.3, was down from 5.8 in October.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
107
(Steady)
Home Demand Index
from prior month
from prior month
135
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
5.3
Average daily inventory last month
331
Inventory sold
last month
last month
62
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses in the Philadelphia Metro area decreased over the month from a Moderate to a Steady pace. The Index, at 103, was 14 percent lower than October but virtually unchanged compared with the same month one year earlier. The months supply was 2.2 in November, down slightly compared with October.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
120
Home Demand Index
from prior year
from prior year
104
Months of
Inventory
Inventory
2.2
Average daily inventory last month
5,948
Inventory sold
last month
last month
2,694
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 December 2021 period with data collected from the previous month.
Released: December 11, 2021
Reference ID: 1525
Philadelphia | December 2021
Home Demand Map (Zip Codes)
Demand was Moderate in Montgomery and Delaware counties and the Delaware portion of the Philadelphia Metro area in November. Buyer interest was Steady elsewhere in the Pennsylvania portion of the metro area and Slow or Limited across the New Jersey counties. Demand remained in the Moderate category in the Salem-Cumberland market area and was Slow in Central Pennsylvania. One-fifth of ZIP codes in the Greater Philadelphia area recorded a High level of demand compared with one-third of communities in October. Consistent with the overall decrease in demand, the Index in one-third of ZIP codes was in the Limited range compared with one-quarter in October.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com