February 2024 Report
Philadelphia Metro
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
Index
65
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
75
Index change
from prior month
from prior month
30%
Index change from
same time last year
same time last year
-13.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Home Demand Index | Historical Year-over-Year Comparison
The Index rose in January, retracing all the December decline. Despite some month-to-month volatility, the Index has been generally flat since October. The continued lack of inventory along with elevated mortgage rates have contributed to challenging affordability conditions leading to little change in buyer activity during the past few months. The cumulative impact is evident when comparing the Limited level of activity in January with the somewhat higher Slow level of demand one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Home Demand Map
Demand was Slow or Limited among each of the counties in the Philadelphia Metro area. Buyer interest was strongest in Kent and New Castle counties and weakest in Mercer County. Demand was Steady in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area, buyer interest in nearly 80 percent of ZIP codes was in the Slow or Limited range, down from 90 percent in December. Demand in 12 percent of ZIP codes was either High or Moderate, an increase from 5 percent of communities in December.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Demand and Inventory by Home Type
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.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Single Family Home Below $318k
The Index for entry-level single-family homes, at 65, was up 25 percent in January and consistent with a Limited pace of demand. The Index was 19 percent lower compared with one year earlier. Along with the other single-family segments, the year-to-year gap in demand, 19 percent, was greater than other types of homes in the Philadelphia Metro area. The months supply, at 2.1, was up from 1.9 months in December.
Monthly Statistics for Single Family Home Below $318k
Home Demand
Index
Index
65
(Limited)
Home Demand Index
from prior month
from prior month
52
Home Demand Index
from prior year
from prior year
80
Months of
inventory
inventory
2.1
Average daily inventory last month
819
Inventory sold
last month
last month
382
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Single Family Home $318k - $710k
Buyer interest in mid-market single-family homes rose in January according to the Bright MLS | T3 Home Demand Index. The Index, at 56, reflected a Limited pace of demand. There was a 2-month supply of homes available for sale, up from 1.6 months in December.
Monthly Statistics for Single Family Home $318k - $710k
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
44
Home Demand Index
from prior year
from prior year
69
Months of
Inventory
Inventory
2
Average daily inventory last month
1,884
Inventory sold
last month
last month
946
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Single Family Home Above $710k
The Index for luxury single-family homes remained in the Limited category despite a 40 percent increase to 42 over the month. Buyer interest in this segment of the metro area market was weaker than any other. The months supply, at 2.8, was up from 2.3 months in December.
Monthly Statistics for Single Family Home Above $710k
Home Demand
Index
Index
42
(Limited)
Home Demand Index
from prior month
from prior month
30
Home Demand Index
from prior year
from prior year
51
Months of
Inventory
Inventory
2.8
Average daily inventory last month
669
Inventory sold
last month
last month
237
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Condo Below $390k
The Bright MLS | T3 Home Demand Index for entry-level condos increased 40 percent in January to 85 reflecting a Slow pace of buyer interest. The Index was also at virtually the same level as one year earlier, the only segment of the Philadelphia Metro market to meet last year’s level of buyer interest. The months supply of homes, at 3.2, was up from 2.9 months the previous month.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
61
Home Demand Index
from prior year
from prior year
84
Months of
Inventory
Inventory
3.2
Average daily inventory last month
610
Inventory sold
last month
last month
189
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Condo Above $390k
Demand for luxury condos was significantly higher in January, with the Index increasing 75 percent over the month to 103, a level consistent with a Steady pace of buyer interest. Although rising markedly, luxury condos accounted for just 1 percent of sales over the month. Compared with one year earlier, the Index was 8 percent lower. The months supply, at 9.5 months, was down from 9.9 months in December.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
112
Months of
Inventory
Inventory
9.5
Average daily inventory last month
257
Inventory sold
last month
last month
27
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was higher in January according to the Bright MLS | T3 Home Demand Index. At 77, the Index was consistent with a Slow pace of buyer interest. There was a 3.7 months supply of homes available for sale, up from 3.1 months in December.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
3.7
Average daily inventory last month
4,834
Inventory sold
last month
last month
1,297
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 2024 period with data collected from the previous month.
Released: February 11, 2024
Reference ID: 1984
Philadelphia | February 2024
Home Demand Map (Zip Codes)
Demand was Slow or Limited among each of the counties in the Philadelphia Metro area. Buyer interest was strongest in Kent and New Castle counties and weakest in Mercer County. Demand was Steady in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area, buyer interest in nearly 80 percent of ZIP codes was in the Slow or Limited range, down from 90 percent in December. Demand in 12 percent of ZIP codes was either High or Moderate, an increase from 5 percent of communities in December.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com