January 2024 Report
Philadelphia Metro
Philadelphia | January 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased 23.4 percent to 49, a level consistent with Limited buyer demand. Demand has been in the Limited category for 4 consecutive months. The Index was 14 percent lower than one year earlier.
Demand for all types of Philadelphia Metro area homes was lower in December. The Index for luxury single-family homes decreased the most, falling 41 percent to 29, a level of demand in the Limited category. Buyer interest was strongest for entry-level condos but was nevertheless still in the Limited category. In addition to falling the most, demand was weakest for luxury single-family homes. The months supply rose for each type of condo and decreased among the remaining segments. The months supply ranged from 1.6 months for mid-market single-family homes to 9.9 months for luxury condos.
Monthly Statistics for January 2024
Home Demand
Index
Index
49
(Limited)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
57
Index change
from prior month
from prior month
-23.4%
Index change from
same time last year
same time last year
-14%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Philadelphia Metro area was down for the second consecutive month following an October increase. Overall, however, the Index has trended lower since April. The most recent decrease in the Index was likely the result of the expected seasonal slowdown in activity at year-end along with the continued affordability concerns of buyers despite some relief from lower mortgage rates.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Home Demand Map
Buyer interest was in the Limited category in each of the Philadelphia Metro area counties. Demand was strongest in Kent and New Castle counties and weakest in the New Jersey portion of the metro area. Buyer interest was in the Slow category in the Salem-Cumberland region and Limited in Central Pennsylvania. In the Greater Philadelphia area, demand was Limited in 90 percent of ZIP codes, an increase from 75 percent of ZIP codes in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Demand and Inventory by Home Type
Demand for all types of Philadelphia Metro area homes was lower in December. The Index for luxury single-family homes decreased the most, falling 41 percent to 29, a level of demand in the Limited category. Buyer interest was strongest for entry-level condos but was nevertheless still in the Limited category. In addition to falling the most, demand was weakest for luxury single-family homes. The months supply rose for each type of condo and decreased among the remaining segments. The months supply ranged from 1.6 months for mid-market single-family homes to 9.9 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Single Family Home Below $319k
The Bright MLS | T3 Home Demand Index for entry-level single-family homes decreased by 24 percent in December to 51 reflecting a Limited level of buyer interest. Moreover, the Index was 25 percent lower compared with one year earlier. The months supply of homes, at 1.9 months, was down from 2.1 months in November.
Monthly Statistics for Single Family Home Below $319k
Home Demand
Index
Index
51
(Limited)
Home Demand Index
from prior month
from prior month
67
Home Demand Index
from prior year
from prior year
68
Months of
inventory
inventory
1.9
Average daily inventory last month
846
Inventory sold
last month
last month
457
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Single Family Home $319k - $710k
The Index for mid-market single-family homes remained in the Limited category and was 27 percent lower over the month. The months supply, at 1.6, was down from 1.8 months in November and lower than any other type of home in the metro area.
Monthly Statistics for Single Family Home $319k - $710k
Home Demand
Index
Index
43
(Limited)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
52
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,172
Inventory sold
last month
last month
1,371
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Single Family Home Above $710k
The Index for luxury single-family homes was down 41 percent in December reflecting demand in the Limited category. Demand has been in the Limited category since September. The Index was 17 percent lower compared with one year earlier. The months supply, at 2.3, was down from 3.3 months in November.
Monthly Statistics for Single Family Home Above $710k
Home Demand
Index
Index
29
(Limited)
Home Demand Index
from prior month
from prior month
49
Home Demand Index
from prior year
from prior year
35
Months of
Inventory
Inventory
2.3
Average daily inventory last month
836
Inventory sold
last month
last month
369
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Condo Below $391k
Demand for entry-level condos was down 20 percent in December according to the Bright MLS | T3 Home Demand Index. At 60, the Index was consistent with a Limited pace of buyer interest but still higher than any other type of metro area home. There was a 2.9 months supply of homes available for sale, up marginally from the previous month.
Monthly Statistics for Condo Below $391k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
61
Months of
Inventory
Inventory
2.9
Average daily inventory last month
604
Inventory sold
last month
last month
209
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Condo Above $391k
Buyer interest in luxury condos was down significantly in December according to the Bright MLS | T3 Home Demand Index. The Index, at 59, reflected a Limited pace of demand and was 21 percent lower over the month. There was a 9.9 months supply of homes available for sale, up from 6.5 months in December.
Monthly Statistics for Condo Above $391k
Home Demand
Index
Index
59
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
71
Months of
Inventory
Inventory
9.9
Average daily inventory last month
276
Inventory sold
last month
last month
28
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was lower in December, with the Index decreasing 17 percent over the month to 58, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 12 percent lower. The months supply, at 3.1 months, was down from 3.6 months in December.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
58
(Limited)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
66
Months of
Inventory
Inventory
3.1
Average daily inventory last month
5,205
Inventory sold
last month
last month
1,706
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 2024 period with data collected from the previous month.
Released: January 11, 2024
Reference ID: 1959
Philadelphia | January 2024
Home Demand Map (Zip Codes)
Buyer interest was in the Limited category in each of the Philadelphia Metro area counties. Demand was strongest in Kent and New Castle counties and weakest in the New Jersey portion of the metro area. Buyer interest was in the Slow category in the Salem-Cumberland region and Limited in Central Pennsylvania. In the Greater Philadelphia area, demand was Limited in 90 percent of ZIP codes, an increase from 75 percent of ZIP codes in November.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com