July 2023 Report
Philadelphia Metro
Philadelphia | July 2023
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 1.1 percent to 94, a level consistent with a Steady pace of buyer demand. The Index was 21.7 percent lower than one year earlier.
Demand for entry-level single-family homes and luxury condos was marginally lower in June while the Index for all other types of Philadelphia Metro area homes rose slightly. Demand rose the most for luxury single-family homes with the Index up by seven percent over the month. Demand for luxury condos was in the Moderate category and in the Steady or Slow category for all other types of homes. The months supply of homes for sale was generally lower compared with the month before with the overall increase in sales surpassing the slight increase in the number of listings. The months supply ranged from 1.1 months for mid-market single-family homes to 3.9 months for luxury condos.
Monthly Statistics for July 2023
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
93
Home Demand Index
from prior year
from prior year
120
Index change
from prior month
from prior month
1.1%
Index change from
same time last year
same time last year
-21.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Home Demand Index | Historical Year-over-Year Comparison
Buyer demand for homes has been relatively flat since the April peak in spring market activity. The Index has been in the Steady range for the past three months. Higher mortgage rates, along with reduced affordability and limited inventory, have resulted in a level of buyer activity in the first half of this year that was well below last year’s pace.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Home Demand Map
Demand was mixed across the Philadelphia Metro area counties. Buyer interest was Moderate in Bucks, Delaware, Montgomery and Kent counties. Demand was Slow or Limited in the New Jersey portion of the metro area and Steady in the remaining counties. Buyer interest was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. Demand in one-third of ZIP codes in the Greater Philadelphia area was in the High or Moderate category while buyer interest in half of communities was Slow or Limited.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Demand and Inventory by Home Type
Demand for entry-level single-family homes and luxury condos was marginally lower in June while the Index for all other types of Philadelphia Metro area homes rose slightly. Demand rose the most for luxury single-family homes with the Index up by seven percent over the month. Demand for luxury condos was in the Moderate category and in the Steady or Slow category for all other types of homes. The months supply of homes for sale was generally lower compared with the month before with the overall increase in sales surpassing the slight increase in the number of listings. The months supply ranged from 1.1 months for mid-market single-family homes to 3.9 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Single Family Home Below $300k
Demand for entry-level single-family homes fell four percent according to the Bright MLS | T3 Home Demand Index. The Index, at 88, reflected a Slow pace of buyer interest compared with a Steady pace in May. There was a 1.3 months supply of homes for sale, which was down from 1.5 months in May due to an uptick in sales and a slight drop in listings.
Monthly Statistics for Single Family Home Below $300k
Home Demand
Index
Index
88
(Slow)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
104
Months of
inventory
inventory
1.3
Average daily inventory last month
840
Inventory sold
last month
last month
636
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Single Family Home $300k - $679k
Buyer interest in mid-market single-family homes was virtually unchanged in June with demand remaining in the Slow category. The Index was 28 percent lower than one year earlier, a larger year-over-year gap than any other segment of the Philadelphia Metro area market. The inventory for sale, at 1.1 months supply, was the lowest of any type of home in the metro area market and down from the May level of 1.3 months.
Monthly Statistics for Single Family Home $300k - $679k
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
120
Months of
Inventory
Inventory
1.1
Average daily inventory last month
2,166
Inventory sold
last month
last month
2,031
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Single Family Home Above $679k
The Bright MLS | T3 Home Demand Index for the luxury single-family segment rose seven percent in June to 98, a level consistent with Steady demand. The months supply fell to 1.7 months from 2.6 months in May largely due to an increase in the number of listings for sale.
Monthly Statistics for Single Family Home Above $679k
Home Demand
Index
Index
98
(Steady)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
124
Months of
Inventory
Inventory
1.7
Average daily inventory last month
1,108
Inventory sold
last month
last month
647
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Condo Below $380k
The Index for entry-level condos increased five percent in June to 90, reflecting Steady demand. Compared with one year earlier, the Index was 22 percent lower. The months supply rose to 2.4 months from 2.1 months in May mostly due to a dip in sales and an uptick in listings.
Monthly Statistics for Condo Below $380k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
116
Months of
Inventory
Inventory
2.4
Average daily inventory last month
642
Inventory sold
last month
last month
273
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Condo Above $380k
Demand for luxury condos was virtually unchanged in June with demand remaining in the Moderate category. The Index was just two percent lower than one year earlier, a smaller year-over-year margin than any other segment of the Philadelphia Metro area market. There was a 3.9 months supply of homes for sale.
Monthly Statistics for Condo Above $380k
Home Demand
Index
Index
124
(Moderate)
Home Demand Index
from prior month
from prior month
125
Home Demand Index
from prior year
from prior year
127
Months of
Inventory
Inventory
3.9
Average daily inventory last month
314
Inventory sold
last month
last month
81
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Townhouse demand was nearly unchanged over the month with the Bright MLS | T3 Home Demand Index, at 103, continuing to reflect a Steady pace of buyer interest. There was a 2.4 months supply of homes for sale, unchanged from May.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
102
Home Demand Index
from prior year
from prior year
127
Months of
Inventory
Inventory
2.4
Average daily inventory last month
5,374
Inventory sold
last month
last month
2,221
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 July 2023 period with data collected from the previous month.
Released: July 11, 2023
Reference ID: 1860
Philadelphia | July 2023
Home Demand Map (Zip Codes)
Demand was mixed across the Philadelphia Metro area counties. Buyer interest was Moderate in Bucks, Delaware, Montgomery and Kent counties. Demand was Slow or Limited in the New Jersey portion of the metro area and Steady in the remaining counties. Buyer interest was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. Demand in one-third of ZIP codes in the Greater Philadelphia area was in the High or Moderate category while buyer interest in half of communities was Slow or Limited.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com