Share report on Facebook!
Share on facebook
Share report on Twitter!
Share on twitter
Share report on LinkedIn!
Share on linkedin
Email a link to this Report!
Share on email
Download tile as an image.

Philadelphia | May 2022

Home Demand Index

Demand for Philadelphia Metro area home rose in April according to the Bright MLS | T3 Home Demand Index. The Index, at 124, rose six percent to a level consistent with a Moderate level of demand.
In April, demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Buyer interest in lower-priced single-family homes was unchanged while demand for condos was marginally lower. Demand for higher-price single-family homes rose the most, with an increase of 18 percent over the month. The months supply of homes changed little in April compared with the previous month. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.1 months supply for higher-priced condos.
Monthly Statistics for May 2022
Home Demand
Index
124
(Moderate)
Home Demand Index
from prior month
117
Home Demand Index
from prior year
144
Index change
from prior month
6%
Index change from
same time last year
-13.9%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.
Embed this tile on your site.

Philadelphia | May 2022

Home Demand Index | Historical Year-over-Year Comparison

April marked the fourth consecutive increase in the Index following the seasonal low in December. Despite the month-to-month increases, the Index was nearly 14 percent lower than one year earlier as the headwinds of rising prices, decreased affordability and rising mortgage rates likely prevented some would-be buyers from completing a home purchase.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.
Embed this tile on your site.

Philadelphia | May 2022

Home Demand Map

In the Philadelphia Metro area buyer interest was High in the Pennsylvania and Delaware suburban counties and in the Steady or Slow range in the New Jersey counties of the metro area. Across the Greater Philadelphia area, demand remained in the High range in the Salem-Cumberland market area and rose to a Moderate level in Central Pennsylvania. Demand in 37 percent of ZIP codes was in the High range, slightly greater than March. Demand was in the Slow or Limited category in one-third of ZIP codes, marginally lower than the month before.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.
Embed this tile on your site.

Philadelphia | May 2022

Demand and Inventory by Home Type

In April, demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Buyer interest in lower-priced single-family homes was unchanged while demand for condos was marginally lower. Demand for higher-price single-family homes rose the most, with an increase of 18 percent over the month. The months supply of homes changed little in April compared with the previous month. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.1 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | May 2022

Single Family Home Below $195k

Demand for lower-priced single-family homes was unchanged in April, remaining at a level reflecting Limited buyer interest. Demand for homes in this segment has been weak for several months and was 47 percent lower than one year earlier. There was a 1.8 months supply of homes on the market, up somewhat from March.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
31
(Limited)
Home Demand Index
from prior month
31
Home Demand Index
from prior year
58
Months of
inventory
1.8
Average daily inventory last month
332
Inventory sold
last month
188
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | May 2022

Single Family Home $195k - $485k

Buyer interest in mid-priced single-family homes was marginally stronger in April and remained in the Moderate range with an Index reading of 119. Although demand has risen since the beginning of the year, buyer interest was lower than last year at this time. The months supply remained very low at 1.1, although up slightly from March as both listings and sales increased over the month.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
119
(Moderate)
Home Demand Index
from prior month
113
Home Demand Index
from prior year
150
Months of
Inventory
1.1
Average daily inventory last month
2,072
Inventory sold
last month
1,920
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | May 2022

Single Family Home Above $485k

The Bright MLS | T3 Home Demand Index for higher-priced single-family homes increased 18 percent in April, the largest gain among all types of Philadelphia area homes. The Index, at 237, not only reflected a High level of buyer demand, but also the strongest demand among all metro area housing segments. There was a 1.7 months supply of homes on the market, unchanged from March.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
237
(High)
Home Demand Index
from prior month
201
Home Demand Index
from prior year
226
Months of
Inventory
1.7
Average daily inventory last month
1,464
Inventory sold
last month
887
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | May 2022

Condo Below $360k

Buyer interest in lower-priced condos was down slightly and remained in the Moderate range of demand in April. Compared with one year earlier, the Index was 24 percent lower, attesting both to the strength of the market last spring as well as the impact of limited inventory and diminished affordability for buyers in this segment of the market. There was a 1.8 months supply of homes for sale, a slight increase from March.
Monthly Statistics for Condo Below $360k
Home Demand
Index
115
(Moderate)
Home Demand Index
from prior month
119
Home Demand Index
from prior year
151
Months of
Inventory
1.8
Average daily inventory last month
586
Inventory sold
last month
327
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

This is Tooltip!

Philadelphia | May 2022

Condo Above $360k

The strength of buyer demand for higher-priced condos was second only to higher-priced single-family homes in April. The Index, at 178, was down six percent compared with March but remained consistent with a High level of buyer interest. Although a small segment of the Philadelphia area market, the balance between listings and sales was more favorable than any other segment with a months supply of 3.1.
Monthly Statistics for Condo Above $360k
Home Demand
Index
178
(High)
Home Demand Index
from prior month
189
Home Demand Index
from prior year
201
Months of
Inventory
3.1
Average daily inventory last month
315
Inventory sold
last month
101
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

This is Tooltip!

Philadelphia | May 2022

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

The Bright MLS | T3 Home Demand Index for the townhouse segment increased by four percent in April to 133, a value reflecting a High level of buyer interest. Like other segments of the Philadelphia area market, demand was lower than one year earlier. The supply of homes for sale rose slightly to 1.9 months.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
133
(High)
Home Demand Index
from prior month
128
Home Demand Index
from prior year
150
Months of
Inventory
1.9
Average daily inventory last month
4,831
Inventory sold
last month
2,489
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 May 2022 period with data collected from the previous month.
Released: May 11, 2022
Reference ID: 1615

Philadelphia | May 2022

Home Demand Map (Zip Codes)

In the Philadelphia Metro area buyer interest was High in the Pennsylvania and Delaware suburban counties and in the Steady or Slow range in the New Jersey counties of the metro area. Across the Greater Philadelphia area, demand remained in the High range in the Salem-Cumberland market area and rose to a Moderate level in Central Pennsylvania. Demand in 37 percent of ZIP codes was in the High range, slightly greater than March. Demand was in the Slow or Limited category in one-third of ZIP codes, marginally lower than the month before.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Embed the Timeline

To embed the map on your website, copy and paste the code below. Please note that the ideal dimensions for displaying the map are 1312 pixels wide by 660 pixels high.

Embed the Map

To embed the map on your website, copy and paste the code below. Please note that the ideal dimensions for displaying the map are 1312 pixels wide by 1182 pixels high.

Embed the Housing Type Bar Chart

To embed the map on your website, copy and paste the code below. Please note that the ideal dimensions for displaying the map are 1312 pixels wide by 880 pixels high.