July 2024 Report
Philadelphia Metro
Philadelphia | July 2024
Home Demand Index
In this report period, the Overall Market Index stands at 74, a significant drop from last month’s 87 and 95 one year ago. This continuous decline reflects the ongoing adjustments in the market and economic conditions. Despite the decrease, the market still shows signs of resilience, maintaining a level of interest from buyers.
In the current report period, demand and inventory levels for various home types in Philadelphia show a diverse landscape. The demand for luxury single-family homes remained unchanged, indicating a Slow buyer interest in this segment. Meanwhile, entry-level condos saw a decline in demand, illustrating a shift in buyer preferences. Despite these variations, the overall market continues to grapple with limited inventory across most home types, sustaining competitive conditions for buyers.
Monthly Statistics for July 2024
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
95
Index change
from prior month
from prior month
-14.9%
Index change from
same time last year
same time last year
-22.1%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index (HDI) for the Philadelphia Metro area shows a decline over the past year, with the current period’s index at 85, down from 90 last month and 94 one year ago. This year-over-year comparison indicates a gradual reduction in buyer interest, reflecting broader market trends and economic conditions. Despite these declines, the market demonstrates resilience as it navigates through fluctuating buyer activity levels
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Home Demand Map
As of June 2024, both Philadelphia and Central Pennsylvania Metro Areas exhibit a “Slow” level of buyer interest, with HDIs of 74 and 80 respectively. This suggests subdued market activity in both regions. Meanwhile, Ocean County, with an HDI of 53, exhibits the weakest demand, indicating limited buyer interest. Conversely, Salem-Cumberland has the strongest demand with an HDI of 106, categorized as “Steady,” indicating a more stable demand for homes in this region.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Demand and Inventory by Home Type
In the current report period, demand and inventory levels for various home types in Philadelphia show a diverse landscape. The demand for luxury single-family homes remained unchanged, indicating a Slow buyer interest in this segment. Meanwhile, entry-level condos saw a decline in demand, illustrating a shift in buyer preferences. Despite these variations, the overall market continues to grapple with limited inventory across most home types, sustaining competitive conditions for buyers.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Single Family Home Below $330k
The index for entry-level single-family homes is 62 this month, down from 73 last month and significantly lower than last year’s 92. This substantial decrease indicates a continued Slow pace of buyer interest, likely driven by affordability challenges and limited availability. The months supply remains relatively stable, underscoring persistent inventory constraints.
Monthly Statistics for Single Family Home Below $330k
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
92
Months of
inventory
inventory
1.4
Average daily inventory last month
753
Inventory sold
last month
last month
538
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Single Family Home $330k - $735k
The index for mid-range single-family homes is 72 this month, down from 85 last month and 87 last year. This decline signifies a Slow pace of buyer interest, reflecting adjustments in the market. The months supply of homes remains unchanged, indicating steady demand despite the overall slowdown.
Monthly Statistics for Single Family Home $330k - $735k
Home Demand
Index
Index
72
(Slow)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
87
Months of
Inventory
Inventory
1.3
Average daily inventory last month
2,430
Inventory sold
last month
last month
1,855
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Single Family Home Above $735k
The index for luxury single-family homes is 74 this month, a drop from last month’s 89 and last year’s 97. This decrease reflects a Slow pace of buyer interest in the luxury segment, with market conditions affecting high-end purchases. The months supply remains consistent, pointing to ongoing inventory challenges.
Monthly Statistics for Single Family Home Above $735k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
89
Home Demand Index
from prior year
from prior year
97
Months of
Inventory
Inventory
1.6
Average daily inventory last month
1,036
Inventory sold
last month
last month
631
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Condo Below $393k
The index for entry-level condos is 77 this month, down from 96 last month and slightly lower than last year’s 92. This decline indicates a Slow pace of demand, reflecting reduced interest from first-time buyers and investors. The months supply of homes has slightly increased, suggesting a shift in market dynamics.
Monthly Statistics for Condo Below $393k
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
96
Home Demand Index
from prior year
from prior year
92
Months of
Inventory
Inventory
2.4
Average daily inventory last month
668
Inventory sold
last month
last month
276
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Condo Above $393k
The demand for luxury condos has seen a significant decrease, with the index falling to 99 from last month’s 128 and last year’s 121. This drop signifies a slower pace of buyer interest in the luxury condo market. The months supply remains stable, indicating a balanced market with adequate inventory.
Monthly Statistics for Condo Above $393k
Home Demand
Index
Index
99
(Steady)
Home Demand Index
from prior month
from prior month
128
Home Demand Index
from prior year
from prior year
121
Months of
Inventory
Inventory
4.3
Average daily inventory last month
289
Inventory sold
last month
last month
68
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins is 79 this month, down from 90 last month and significantly lower than last year’s 104. This decline reflects a steady drop in buyer interest, shifting from Steady to Slow demand. The months supply has decreased, indicating tighter inventory in this segment.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
104
Months of
Inventory
Inventory
2.4
Average daily inventory last month
4,699
Inventory sold
last month
last month
1,972
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 2024 period with data collected from the previous month.
Released: July 10, 2024
Reference ID: 2075
Philadelphia | July 2024
Home Demand Map (Zip Codes)
As of June 2024, both Philadelphia and Central Pennsylvania Metro Areas exhibit a “Slow” level of buyer interest, with HDIs of 74 and 80 respectively. This suggests subdued market activity in both regions. Meanwhile, Ocean County, with an HDI of 53, exhibits the weakest demand, indicating limited buyer interest. Conversely, Salem-Cumberland has the strongest demand with an HDI of 106, categorized as “Steady,” indicating a more stable demand for homes in this region.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com