February 2022 Report
Philadelphia Metro
Philadelphia | February 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose slightly more than 23 percent in January following two months of seasonal declines in buyer demand. The Index, at 85, reflected a Slow pace of demand compared with Limited demand in December. Although the Index rose over the month, it was nearly 16 percent lower than one year earlier.
Demand increased for all types of homes in January. The Index for higher-priced single-family homes and condos rose the most, each up by more than one-third over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for condos and higher-priced single-family homes. The months supply of homes rose for all segments except higher-priced condos. The months supply of homes ranged from 1.1 months for mid-priced single-family homes to 4.2 months for higher-priced condos.
Monthly Statistics for February 2022
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
101
Index change
from prior month
from prior month
23.2%
Index change from
same time last year
same time last year
-15.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Philadelphia Metro area rose in January reflecting the seasonal increase in buyer interest at the start of the year. With an increasing number of buyers beginning their home search in anticipation of the competitive spring market, demand increased from the end-of-year low. Demand at the start of 2022 was at a lower level than one year earlier, however. A low inventory of homes at most price points limited buyers’ ability to complete purchases while rising home prices diminished affordability.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Home Demand Map
Demand ranged from Steady to Limited across the Philadelphia Metro area. Buyer interest was strongest in Delaware, Montgomery and New Castle counties and weakest in Burlington, Gloucester and Mercer counties. Buyer interest was Moderate in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area, demand in slightly fewer than one-quarter of ZIP codes was in the High or Moderate range, nearly double compared with December. Demand in 41 percent of ZIP costs was Limited, down from more than half in December.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Demand and Inventory by Home Type
Demand increased for all types of homes in January. The Index for higher-priced single-family homes and condos rose the most, each up by more than one-third over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for condos and higher-priced single-family homes. The months supply of homes rose for all segments except higher-priced condos. The months supply of homes ranged from 1.1 months for mid-priced single-family homes to 4.2 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Single Family Home Below $195k
Demand for lower-priced single-family homes remained weak in January. The Bright MLS | T3 Home Demand Index, at 32, reflected a Limited level of buyer interest. The Index rose marginally over the month but was 45 percent lower than one year earlier. The months supply of homes on the market was 1.7, virtually unchanged from the previous month.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
32
(Limited)
Home Demand Index
from prior month
from prior month
28
Home Demand Index
from prior year
from prior year
58
Months of
inventory
inventory
1.7
Average daily inventory last month
376
Inventory sold
last month
last month
217
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Single Family Home $195k - $485k
Buyer interest in mid-priced single-family homes remained in the Slow range despite a slight increase in the Index in January. The months supply of homes on the market, at 1.1, was lower than any other segment of the Philadelphia market. Compared with December, the months supply was virtually unchanged suggesting that buyers at this price point will continue to face significant challenges when searching for homes during the spring market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
84
(Slow)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
100
Months of
Inventory
Inventory
1.1
Average daily inventory last month
1,930
Inventory sold
last month
last month
1,791
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Single Family Home Above $485k
Consistent with a pattern of strong demand for pricier homes throughout most of the past year, the Bright MLS | T3 Home Demand Index for higher-priced single-family homes rose by nearly 40 percent to 110, indicating a Moderate level of demand. The months supply of homes on the market rose to 1.6 from 1.3 months in December, very low even as demand rose.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
110
(Moderate)
Home Demand Index
from prior month
from prior month
79
Home Demand Index
from prior year
from prior year
116
Months of
Inventory
Inventory
1.6
Average daily inventory last month
1,074
Inventory sold
last month
last month
662
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Condo Below $360k
Buyer interest in lower-priced condos rose over the month to a level reflecting a Steady pace of demand. The Index, at 98, was up 38 percent over the month but despite the increase was still lower than the level one year earlier. The months supply rose to 1.9 from 1.5 in December, a small increase but nonetheless greater than the gains in months supply across other segments of the market.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
98
(Steady)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
127
Months of
Inventory
Inventory
1.9
Average daily inventory last month
504
Inventory sold
last month
last month
261
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Condo Above $360k
Demand for higher-priced condos rose sharply in January. The Index, at 119, was up 40 percent from December to a level indicating a Moderate level of demand. Demand in January was virtually unchanged from the level one year earlier. The months supply at 4.2, was higher than any other segment of the market, despite a decrease from 5.6 months in December.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
120
Months of
Inventory
Inventory
4.2
Average daily inventory last month
225
Inventory sold
last month
last month
53
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index increased in January to 97 signaling a Steady pace of demand compared with a Slow pace in December. With more than half of available inventory in this segment, buyer interest in townhouses drives a large portion of the Philadelphia Metro market. The months supply was at 2.1 up from 1.8 months in December.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
113
Months of
Inventory
Inventory
2.1
Average daily inventory last month
4,472
Inventory sold
last month
last month
2,172
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 February 2022 period with data collected from the previous month.
Released: February 11, 2022
Reference ID: 1567
Philadelphia | February 2022
Home Demand Map (Zip Codes)
Demand ranged from Steady to Limited across the Philadelphia Metro area. Buyer interest was strongest in Delaware, Montgomery and New Castle counties and weakest in Burlington, Gloucester and Mercer counties. Buyer interest was Moderate in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area, demand in slightly fewer than one-quarter of ZIP codes was in the High or Moderate range, nearly double compared with December. Demand in 41 percent of ZIP costs was Limited, down from more than half in December.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com