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Philadelphia | January 2022

Home Demand Index

Demand for homes in the Philadelphia Metro area fell sharply in December, according to the Bright MLS | T3 Home Demand Index. The December Index, at 69, reflected a Limited pace of demand and was down by nearly 26 percent from November. Compared with one year earlier, demand was almost 13 percent lower.
Demand decreased for all types of Philadelphia Metro area homes in December. The Index for higher-priced single-family homes fell the most, down by more than one-third over the month. Demand was weakest for lower-priced single-family homes, which captured Limited buyer interest. Demand was in the Slow range for all other types of homes. The months supply of homes ranged from a one-month supply for mid-priced single-family homes to 5.6 months for higher-priced condos.
Monthly Statistics for January 2022
Home Demand
Index
69
(Limited)
Home Demand Index
from prior month
93
Home Demand Index
from prior year
79
Index change
from prior month
-25.8%
Index change from
same time last year
-12.7%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Home Demand Index | Historical Year-over-Year Comparison

Since October, demand for Philadelphia Metro area homes has fallen by 38 percent as home shopping activity subsided at year-end. The decline was comparable to the decrease one year earlier. Although a significant portion of the decline can be attributed to the seasonal slowdown in demand, rising home prices have also reduced affordability for many would-be buyers and low inventory levels have narrowed buyers’ search options. Since July, the Index has been below the level one year earlier, suggesting that demand in 2022 will start off somewhat lower than last year.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Home Demand Map

Demand was Steady in New Castle County, and Slow or Limited across the rest of the Philadelphia Metro area. Buyer interest was generally stronger in the nearby suburban counties and weaker in the outer suburbs. Demand remained in the Steady category in the Salem-Cumberland market area and was Limited in Central Pennsylvania. In December, the broad slowdown in demand was evident at the ZIP code level. About 13 percent of ZIP codes in the Greater Philadelphia area recorded demand in the High or Moderate range, down from 33 percent in November. Additionally, demand in more than half of ZIP codes was Limited in December compared with 35 percent in November.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Demand and Inventory by Home Type

Demand decreased for all types of Philadelphia Metro area homes in December. The Index for higher-priced single-family homes fell the most, down by more than one-third over the month. Demand was weakest for lower-priced single-family homes, which captured Limited buyer interest. Demand was in the Slow range for all other types of homes. The months supply of homes ranged from a one-month supply for mid-priced single-family homes to 5.6 months for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Single Family Home Below $195k

Buyer interest in lower-priced single-family homes remained in the Limited range in December with the Index at 27. For several months, demand has been weak for the Single Family Home Type even when other market segments experienced elevated demand. The Index was 45 percent below the level one year earlier and the months supply fell to 1.6 from 1.9 months in November, further limiting the search options for buyers in this price range.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
27
(Limited)
Home Demand Index
from prior month
35
Home Demand Index
from prior year
49
Months of
inventory
1.6
Average daily inventory last month
419
Inventory sold
last month
263
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Single Family Home $195k - $485k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes fell to 71 in December, a reading that reflected a Slow pace of demand. The Index was only nine percent lower than one year earlier suggesting that demand in December was consistent with typical year-end buyer activity. The inventory of homes on the market was lean even as demand fell over the month. There was a one-month supply, which was down from 1.3 months in November.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
71
(Slow)
Home Demand Index
from prior month
98
Home Demand Index
from prior year
78
Months of
Inventory
1
Average daily inventory last month
2,467
Inventory sold
last month
2,523
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Single Family Home Above $485k

Buyer interest in higher-priced single-family homes fell significantly in December. The Index, at 79, decreased by more than one-third reflecting a Slow pace of demand. Buyer demand was at a Steady level in November. Although demand declined over the month, it was virtually the same as one year earlier. The months supply fell to 1.4 months from 1.8 in November.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
79
(Slow)
Home Demand Index
from prior month
123
Home Demand Index
from prior year
80
Months of
Inventory
1.4
Average daily inventory last month
1,368
Inventory sold
last month
1,012
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Condo Below $360k

Like all other types of homes in the Philadelphia Metro area, demand for lower-priced condos decreased in December, moving from a Steady to a Slow pace. Compared to one year earlier, demand also was lower. The months supply of homes available for sale was down marginally to 1.5 in December.
Monthly Statistics for Condo Below $360k
Home Demand
Index
70
(Slow)
Home Demand Index
from prior month
95
Home Demand Index
from prior year
100
Months of
Inventory
1.5
Average daily inventory last month
556
Inventory sold
last month
368
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Condo Above $360k

The Bright MLS | T3 Home Demand Index for higher-priced condos fell by 20 percent over the month to a reading of 85. Demand in December was in the Slow range, down from a Steady pace in November. With only a small number of sales over the month, the inventory was adequate at 5.6 months supply.
Monthly Statistics for Condo Above $360k
Home Demand
Index
85
(Slow)
Home Demand Index
from prior month
106
Home Demand Index
from prior year
80
Months of
Inventory
5.6
Average daily inventory last month
261
Inventory sold
last month
47
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | January 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Index for townhouses fell to 80 in December, consistent with a Slow pace of buyer demand. Buyer interest in townhouses was marginally lower than one year earlier. The months supply fell in December to 1.8, reflecting very tight inventory conditions. In December, the townhouse segment accounted for half of the Philadelphia Metro area listings.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
80
(Slow)
Home Demand Index
from prior month
103
Home Demand Index
from prior year
90
Months of
Inventory
1.8
Average daily inventory last month
5,139
Inventory sold
last month
2,916
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 January 2022 period with data collected from the previous month.
Released: January 11, 2022
Reference ID: 1547

Philadelphia | January 2022

Home Demand Map (Zip Codes)

Demand was Steady in New Castle County, and Slow or Limited across the rest of the Philadelphia Metro area. Buyer interest was generally stronger in the nearby suburban counties and weaker in the outer suburbs. Demand remained in the Steady category in the Salem-Cumberland market area and was Limited in Central Pennsylvania. In December, the broad slowdown in demand was evident at the ZIP code level. About 13 percent of ZIP codes in the Greater Philadelphia area recorded demand in the High or Moderate range, down from 33 percent in November. Additionally, demand in more than half of ZIP codes was Limited in December compared with 35 percent in November.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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