March 2024 Report
Philadelphia Metro
Philadelphia | March 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 15.2 percent in February to 76, a level consistent with Slow buyer demand. The Index was in the Limited category in January and 3.8 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes was unchanged or higher over the month. Demand for luxury single-family homes rose the most with an increase of 35 percent over the month. Buyer interest in entry-level condos was unchanged in February. Demand for luxury condos was stronger than any other type of home. In contrast, buyer interest in luxury single-family homes was softer than any other segment with the Index in the Limited category. The months supply of homes for sale was somewhat lower for each type of condo, and marginally higher for all other segments. The months supply ranged from 2.1 months for mid-market single-family homes to 7 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
Index
76
(Slow)
Home Demand Index
from prior month
from prior month
66
Home Demand Index
from prior year
from prior year
79
Index change
from prior month
from prior month
15.2%
Index change from
same time last year
same time last year
-3.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Home Demand Index | Historical Year-over-Year Comparison
Following four months of little change from September through December, the Index has risen for two consecutive months. Moreover, the Index has been only slightly lower than the level one year earlier since December. Although several forces have been at play in the market, still-elevated mortgage rates and lean inventory conditions continued to drive market activity in the early spring months.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Home Demand Map
Buyer interest in homes was Steady in Kent, Montgomery, Delaware and New Castle counties and Slow or Limited in the other counties that comprise the metro area. The Index was higher in each metro area county over the month. Demand was Moderate in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area demand in 19 percent of ZIP codes was High or Moderate, up somewhat from 12 percent in January. Buyer interest in 67 percent of ZIP codes was in the Slow or Limited range, a decrease from 78 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Demand and Inventory by Home Type
The Bright MLS | T3 Home Demand Index for all types of homes was unchanged or higher over the month. Demand for luxury single-family homes rose the most with an increase of 35 percent over the month. Buyer interest in entry-level condos was unchanged in February. Demand for luxury condos was stronger than any other type of home. In contrast, buyer interest in luxury single-family homes was softer than any other segment with the Index in the Limited category. The months supply of homes for sale was somewhat lower for each type of condo, and marginally higher for all other segments. The months supply ranged from 2.1 months for mid-market single-family homes to 7 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Single Family Home Below $320k
Demand for entry-level single-family homes increased in February according to the Bright MLS | T3 Home Demand Index. The Index, at 73, was 11 percent higher over the month and consistent with a Slow pace of buyer interest. There was a 2.3 months supply of homes available for sale, up slightly from 2.1 months in January.
Monthly Statistics for Single Family Home Below $320k
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
66
Home Demand Index
from prior year
from prior year
83
Months of
inventory
inventory
2.3
Average daily inventory last month
802
Inventory sold
last month
last month
350
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Single Family Home $320k - $715k
The Index for mid-market single-family homes was up 19 percent in February and continued to reflect demand in the Limited category. The Index was just 3 percent lower compared with one year earlier, however. The months supply, at 2.1, was marginally higher than the previous month.
Monthly Statistics for Single Family Home $320k - $715k
Home Demand
Index
Index
68
(Limited)
Home Demand Index
from prior month
from prior month
57
Home Demand Index
from prior year
from prior year
70
Months of
Inventory
Inventory
2.1
Average daily inventory last month
1,914
Inventory sold
last month
last month
918
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Single Family Home Above $715k
The Bright MLS | T3 Home Demand Index for luxury single-family homes increased 35 percent in February to 58 but remained in the Limited demand category. Despite the increase over the month, demand was weaker than any other segment of the Philadelphia Metro area market. The months supply of homes, at 3.1 months, was up from 2.8 months in January.
Monthly Statistics for Single Family Home Above $715k
Home Demand
Index
Index
58
(Limited)
Home Demand Index
from prior month
from prior month
43
Home Demand Index
from prior year
from prior year
61
Months of
Inventory
Inventory
3.1
Average daily inventory last month
687
Inventory sold
last month
last month
221
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Condo Below $390k
The Index for entry-level condos, at 86, was unchanged in February and remained in the Slow category. Compared with one year earlier the Index was marginally higher. The months supply, at 3 months, was down from 3.2 months in January.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
85
Months of
Inventory
Inventory
3
Average daily inventory last month
634
Inventory sold
last month
last month
213
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Condo Above $390k
Demand for luxury condos was higher in February with the Index increasing 10 percent over the month to 116, a level consistent with a Moderate pace of buyer interest. Although a small segment of the metro area market, demand for luxury condos was stronger than any other type of home. The Index was slightly lower than one year earlier. The months supply, at 7 months, was down from 9.5 months in January.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
116
(Moderate)
Home Demand Index
from prior month
from prior month
105
Home Demand Index
from prior year
from prior year
117
Months of
Inventory
Inventory
7
Average daily inventory last month
265
Inventory sold
last month
last month
38
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Buyer interest in townhouses was up 10 percent in February according to the Bright MLS | T3 Home Demand Index. The Index, at 86, reflected a Slow pace of demand. There was a 3.9 months supply of homes available for sale, up from 3.7 months in January.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
78
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
3.9
Average daily inventory last month
4,915
Inventory sold
last month
last month
1,257
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 March 2024 period with data collected from the previous month.
Released: March 11, 2024
Reference ID: 2016
Philadelphia | March 2024
Home Demand Map (Zip Codes)
Buyer interest in homes was Steady in Kent, Montgomery, Delaware and New Castle counties and Slow or Limited in the other counties that comprise the metro area. The Index was higher in each metro area county over the month. Demand was Moderate in the Salem-Cumberland area and Slow in Central Pennsylvania. Across the Greater Philadelphia area demand in 19 percent of ZIP codes was High or Moderate, up somewhat from 12 percent in January. Buyer interest in 67 percent of ZIP codes was in the Slow or Limited range, a decrease from 78 percent the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com