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Philadelphia | June 2022

Home Demand Index

The Bright MLS | T3 Home Demand Index for Philadelphia Metro area homes decreased by 6.5 percent in May but remained in the Moderate demand category. The Index was in the High demand range one year earlier.
Demand for each type of Philadelphia Metro area home decreased in May with the largest declines in the lower-priced single-family and higher-priced condo segments. Buyer interest remained the strongest for higher-priced single-family homes and higher-priced condos, each with an Index in the High demand category. Demand for lower-priced single-family homes was Limited. The months supply of homes changed little in May compared with the previous month. The inventory of homes ranged from a 1.2 months supply for mid-priced single-family homes to a 3.5 months supply for higher-priced condos.
Monthly Statistics for June 2022
Home Demand
Index
116
(Moderate)
Home Demand Index
from prior month
124
Home Demand Index
from prior year
142
Index change
from prior month
-6.5%
Index change from
same time last year
-18.3%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Home Demand Index | Historical Year-over-Year Comparison

Demand for homes eased in May following four months of rising buyer interest as the spring homebuying season began to wind down. Demand for homes this spring was generally lower than one year earlier largely due to a combination of rising mortgage rates, continued increases in home prices and a broad-based increase in consumer prices, which has sidelined some buyers. In May, the Index was slightly more than 18 percent lower than one year earlier.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Home Demand Map

Demand for homes was highest in the Pennsylvania and Delaware suburban counties with the strongest buyer interest in Montgomery and Bucks counties. Demand was Steady or Limited across the suburban New Jersey counties. Buyer interest remained in the High range in the Salem-Cumberland market area and at a Moderate level in Central Pennsylvania. Across the Greater Philadelphia area, demand was High in 35 percent of ZIP codes, down slightly from April. Consistent with the overall softening of demand, there were a greater number of communities with Moderate, Steady or Slow demand compared with the month before.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Demand and Inventory by Home Type

Demand for each type of Philadelphia Metro area home decreased in May with the largest declines in the lower-priced single-family and higher-priced condo segments. Buyer interest remained the strongest for higher-priced single-family homes and higher-priced condos, each with an Index in the High demand category. Demand for lower-priced single-family homes was Limited. The months supply of homes changed little in May compared with the previous month. The inventory of homes ranged from a 1.2 months supply for mid-priced single-family homes to a 3.5 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Single Family Home Below $195k

Buyer interest in lower-priced single-family homes in the Philadelphia Metro area fell again in May. The Index, at 27, reflected a Limited level of demand for homes in this price range. Compared with one year earlier, demand decreased by roughly half. There was a 1.7 months supply of homes on the market, down slightly from April.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
27
(Limited)
Home Demand Index
from prior month
32
Home Demand Index
from prior year
56
Months of
inventory
1.7
Average daily inventory last month
325
Inventory sold
last month
194
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Single Family Home $195k - $485k

Demand for mid-priced single-family homes remained in the Moderate category in May, although the Index fell slightly to 111 over the month. The inventory of homes for sale rose along with the number of home sales resulting in a marginal increase in the months supply to 1.2 from 1.1 months in April. The Index was 26 percent lower than one year earlier, evidence of the headwinds of higher mortgage rates and lower affordability faced by buyers in this segment of the market.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
111
(Moderate)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
150
Months of
Inventory
1.2
Average daily inventory last month
2,370
Inventory sold
last month
2,051
Bright MLS | T3 Home Demand Index

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Philadelphia | June 2022

Single Family Home Above $485k

Buyer interest in higher-priced single-family homes has remained resilient. The Bright MLS | T3 Home Demand Index was down slightly in May compared with the month before but at the same level as one year earlier. Demand has been in the High category since February. The months supply was unchanged at 1.7.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
229
(High)
Home Demand Index
from prior month
238
Home Demand Index
from prior year
229
Months of
Inventory
1.7
Average daily inventory last month
1,828
Inventory sold
last month
1,105
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Condo Below $360k

Buyer interest in lower-priced condos decreased in May, moving from a Moderate to a Steady pace of demand over the month. The Index, at 101, was down 13 percent from April and was nearly one-third lower than one year earlier. The months supply was unchanged in May, which reflected a comparable increase in both inventory and sales over the month.
Monthly Statistics for Condo Below $360k
Home Demand
Index
101
(Steady)
Home Demand Index
from prior month
116
Home Demand Index
from prior year
147
Months of
Inventory
1.8
Average daily inventory last month
624
Inventory sold
last month
344
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Condo Above $360k

Demand for higher-priced condos in the Philadelphia Metro area fell in May. The Index, at 135, remained in the High demand category although down by 24 percent compared with April. Demand was 23 percent lower than one year earlier as well. There was a 3.5 months supply of homes on the market, up from 3.1 months in April due to an increase in the inventory of homes for sale and a slight decrease in sales over the month.
Monthly Statistics for Condo Above $360k
Home Demand
Index
135
(High)
Home Demand Index
from prior month
178
Home Demand Index
from prior year
176
Months of
Inventory
3.5
Average daily inventory last month
333
Inventory sold
last month
94
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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Philadelphia | June 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Buyer interest in townhouses eased in May as reflected by a decrease in the Index to 124, a reading in the Moderate range of demand. Townhouse sales and inventory each rose, leading to no change in the months supply at 1.9.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
124
(Moderate)
Home Demand Index
from prior month
133
Home Demand Index
from prior year
146
Months of
Inventory
1.9
Average daily inventory last month
5,275
Inventory sold
last month
2,792
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 June 2022 period with data collected from the previous month.
Released: June 11, 2022
Reference ID: 1630

Philadelphia | June 2022

Home Demand Map (Zip Codes)

Demand for homes was highest in the Pennsylvania and Delaware suburban counties with the strongest buyer interest in Montgomery and Bucks counties. Demand was Steady or Limited across the suburban New Jersey counties. Buyer interest remained in the High range in the Salem-Cumberland market area and at a Moderate level in Central Pennsylvania. Across the Greater Philadelphia area, demand was High in 35 percent of ZIP codes, down slightly from April. Consistent with the overall softening of demand, there were a greater number of communities with Moderate, Steady or Slow demand compared with the month before.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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