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 | November 2021

Home Demand Index

Buyer demand for homes in the Philadelphia Metro market area was unchanged in October. The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.
Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months’ supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months’ supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.
Monthly Statistics for November 2021
Home Demand
Index
111
(Moderate)
Home Demand Index
from prior month
111
Home Demand Index
from prior year
127
Index change
from prior month
0%
Index change from
same time last year
-12.6%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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

Philadelphia | November 2021

Home Demand Index | Historical Year-over-Year Comparison

The Index has been in the Moderate range for the past four months following a period of High buyer demand during the spring and early summer months. Demand has been below the year-earlier level since July, partly because activity last year was unusually strong but also because rising home prices and an uptick in mortgage rates may have sidelined some buyers.

Home Demand Index

Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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

Philadelphia | November 2021

Home Demand Map

Except for Philadelphia County, counties in the Pennsylvania and Delaware portion of the metro area recorded buyer interest in the Moderate or High category. Among these counties, Delaware and New Castle topped the list with the highest Index reading in October. Philadelphia County was in the Steady range, while counties in the New Jersey market area were all in the Slow category. Demand was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. The Index in one-third of ZIP codes in the Greater Philadelphia area was in the High range, unchanged from the previous month.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

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

Philadelphia | November 2021

Demand and Inventory by Home Type

Buyer interest was weakest for lower-priced single-family homes and strongest for higher-priced single-family homes, a pattern that has been in place for several months. Demand for higher-priced single-family homes fell a modest five percent over the month, exceeded only by the drop in the already-weak lower-priced single-family segment. Demand was essentially unchanged among other types of homes. The months’ supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos. The months’ supply for each type of home changed little over the month, except for higher-priced condos, which rose from 4.9 to 5.8 months.
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | November 2021

Single Family Home Below $195k

Demand for lower-priced single-family homes remained very weak, with the Index at just 35, well below the threshold, indicating a Limited level of buyer interest. Compared with one year earlier, demand was 50 percent lower, a sharp contrast with other market segments that experienced strong demand over the period. Despite the subdued level of buyer interest, the months’ supply remained low at just 1.8, a marginal decrease from the month before.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
35
(Limited)
Home Demand Index
from prior month
38
Home Demand Index
from prior year
72
Months of
inventory
1.8
Average daily inventory last month
515
Inventory sold
last month
290
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | November 2021

Single Family Home $195k - $485k

The Bright MLS | T3 Home Demand Index for mid-priced single-family homes was virtually unchanged at 115, reflecting a Moderate level of buyer interest. Demand has been in the Moderate range since July. The monthly supply of homes was unchanged at 1.3, the lowest among all types of Philadelphia Metro area homes tracked by the Index.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
115
(Moderate)
Home Demand Index
from prior month
114
Home Demand Index
from prior year
133
Months of
Inventory
1.3
Average daily inventory last month
3,344
Inventory sold
last month
2,626
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | November 2021

Single Family Home Above $485k

At the upper end of the single-family segment, demand eased in October. Still, it remained in the High category, reflecting the heightened buyer interest that has characterized this segment since spring. The Index also was slightly higher than one year earlier in contrast to most other Philadelphia Metro area market segments. The months’ supply, at 2.2, was down slightly from the previous month.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
167
(High)
Home Demand Index
from prior month
176
Home Demand Index
from prior year
164
Months of
Inventory
2.2
Average daily inventory last month
2,185
Inventory sold
last month
1,008
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

Download tile as an image.

Philadelphia | November 2021

Condo Below $360k

The Bright MLS | T3 Home Demand Index for lower-priced condos changed little in October compared with the previous month. At a reading of 115, the Index reflected Moderate demand, which is consistent with the level of buyer interest in this segment since mid-year. The monthly supply decreased marginally to 1.9.
Monthly Statistics for Condo Below $360k
Home Demand
Index
115
(Moderate)
Home Demand Index
from prior month
114
Home Demand Index
from prior year
130
Months of
Inventory
1.9
Average daily inventory last month
759
Inventory sold
last month
405
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

This is Tooltip!

Philadelphia | November 2021

Condo Above $360k

Along with higher-priced single-family homes, higher-priced condos have attracted strong buyer interest since spring. In October, the Index remained in the High category with a reading of 135. The inventory of condos available for sale at 5.8 months allowed many would-be buyers at this price point to complete their search for a home.
Monthly Statistics for Condo Above $360k
Home Demand
Index
135
(High)
Home Demand Index
from prior month
134
Home Demand Index
from prior year
122
Months of
Inventory
5.8
Average daily inventory last month
362
Inventory sold
last month
62
Bright MLS | T3 Home Demand Index

www.homedemandindex.com

This is Tooltip!

Philadelphia | November 2021

Townhouse/Rowhouse/Twin All prices

Townhouse/
Rowhouse/Twin
All prices

Demand for townhouses was virtually unchanged in October, with the Index at 119. The Moderate level of demand in October is consistent with the level of buyer interest in this segment since mid-year following the elevated demand during the spring homebuying market. The months’ supply at 2.3 was slightly higher than the month before.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
119
(Moderate)
Home Demand Index
from prior month
118
Home Demand Index
from prior year
132
Months of
Inventory
2.3
Average daily inventory last month
6,259
Inventory sold
last month
2,730
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 November 2021 period with data collected from the previous month.
Released: November 2, 2021
Reference ID: 1485

Philadelphia | November 2021

Home Demand Map (Zip Codes)

Except for Philadelphia County, counties in the Pennsylvania and Delaware portion of the metro area recorded buyer interest in the Moderate or High category. Among these counties, Delaware and New Castle topped the list with the highest Index reading in October. Philadelphia County was in the Steady range, while counties in the New Jersey market area were all in the Slow category. Demand was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. The Index in one-third of ZIP codes in the Greater Philadelphia area was in the High range, unchanged from the previous month.
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.