October 2021 Report
Philadelphia Metro
Philadelphia | October 2021
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro market area decreased by nearly seven percent in September to 110, reading in the Moderate range of demand. Compared with the same time last year, the Index was nearly 15 percent lower.
In September, demand 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 condos was unchanged over the month, while buyer interest was lower among the other types of homes tracked by the Index. Inventory levels remained tight, ranging from a 1.3 months supply for mid-priced single-family homes to a 4.9 months supply for higher-priced condos. The months’ supply of higher-priced single-family homes increased to 2.3 in September from 1.6 the month before, the largest change in months supply among all types of homes in the Philadelphia Metro market area.
Monthly Statistics for October 2021
Home Demand
Index
Index
110
(Moderate)
Home Demand Index
from prior month
from prior month
118
Home Demand Index
from prior year
from prior year
129
Index change
from prior month
from prior month
-6.8%
Index change from
same time last year
same time last year
-14.7%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Home Demand Index | Historical Year-over-Year Comparison
After several months of High demand in the spring, buyer interest in homes in the Philadelphia Metro area eased at mid-year and has remained in the Moderate range through September. Rising home prices have reduced affordability, limiting choices for some would-be buyers; at the same time, the number of homes for sale has been relatively low.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Home Demand Map
In five of the 11 counties in the Philadelphia Metro market area, all in either Pennsylvania or Delaware, the Index was in the High category. Philadelphia County was in the Steady range, while counties in the New Jersey market area were all in the Slow category in September. Demand was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. Among ZIP codes in the Greater Philadelphia area, one-third recorded a High level of demand, and one-quarter had Limited demand, largely unchanged from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Demand and Inventory by Home Type
In September, demand 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 condos was unchanged over the month, while buyer interest was lower among the other types of homes tracked by the Index. Inventory levels remained tight, ranging from a 1.3 months supply for mid-priced single-family homes to a 4.9 months supply for higher-priced condos. The months’ supply of higher-priced single-family homes increased to 2.3 in September from 1.6 the month before, the largest change in months supply among all types of homes in the Philadelphia Metro market area.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Single Family Home Below $195k
In September, demand for lower-priced single-family homes remained weak, with the Bright MLS | T3 Home Demand Index at 36, reading in the Limited range. During the past year, demand decreased with the Index more than 50 percent below the year-earlier level. The monthly supply of homes for sale, at 1.9, was unchanged compared with August, although up from the spring low of 1.4 months.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
36
(Limited)
Home Demand Index
from prior month
from prior month
41
Home Demand Index
from prior year
from prior year
76
Months of
inventory
inventory
1.9
Average daily inventory last month
527
Inventory sold
last month
last month
284
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Single Family Home $195k - $485k
Buyer interest in mid-priced single-family homes, accounting for more than one-third of sales over the month, decreased by 12 percent in September. The Index, at 113, remained in the Moderate range, where it has been for the past three months. The months’ supply, the lowest among all Philadelphia Metro area homes at 1.3, was unchanged from August.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
113
(Moderate)
Home Demand Index
from prior month
from prior month
128
Home Demand Index
from prior year
from prior year
132
Months of
Inventory
Inventory
1.3
Average daily inventory last month
3,557
Inventory sold
last month
last month
2,755
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Single Family Home Above $485k
In September, the Bright MLS | T3 Home Demand Index for higher-priced single-family homes was virtually unchanged at 175. Demand has been stronger than other segments for several months, and the latest data show that the Index was higher than one year ago. The months’ supply of homes was 2.3 in September compared with 1.6 in August.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
175
(High)
Home Demand Index
from prior month
from prior month
176
Home Demand Index
from prior year
from prior year
166
Months of
Inventory
Inventory
2.3
Average daily inventory last month
2,300
Inventory sold
last month
last month
1,008
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Condo Below $360k
Buyer interest in lower-priced condos eased in September. The Index, at 113, reflected a Moderate level of demand and was down by 12 percent compared with August. Demand was also lower than one year earlier. There was a two-month supply of homes for sale, which was down marginally from the previous month.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
113
(Moderate)
Home Demand Index
from prior month
from prior month
129
Home Demand Index
from prior year
from prior year
130
Months of
Inventory
Inventory
2
Average daily inventory last month
838
Inventory sold
last month
last month
429
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Condo Above $360k
The Index for higher-priced condos was unchanged over the month at 135 and remained in the High range of demand. Although unchanged over the month, the Index was 13 percent lower than one year earlier. The months’ supply, at 4.9, was the highest of any segment and up from 4.7 in August.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
135
(High)
Home Demand Index
from prior month
from prior month
135
Home Demand Index
from prior year
from prior year
155
Months of
Inventory
Inventory
4.9
Average daily inventory last month
361
Inventory sold
last month
last month
74
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses has been in the Moderate range since July. In September, the Index was 118, a marginal decline from the previous month and 13 percent lower than one year earlier. The months’ supply, at 2.2, is up from a two-month reading in August; it has been on an upward trajectory since a June low of 1.5 months.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
118
(Moderate)
Home Demand Index
from prior month
from prior month
122
Home Demand Index
from prior year
from prior year
136
Months of
Inventory
Inventory
2.2
Average daily inventory last month
6,189
Inventory sold
last month
last month
2,872
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 October 2021 period with data collected from the previous month.
Released: October 11, 2021
Reference ID: 1412
Philadelphia | October 2021
Home Demand Map (Zip Codes)
In five of the 11 counties in the Philadelphia Metro market area, all in either Pennsylvania or Delaware, the Index was in the High category. Philadelphia County was in the Steady range, while counties in the New Jersey market area were all in the Slow category in September. Demand was Moderate in the Salem-Cumberland market area and Steady in Central Pennsylvania. Among ZIP codes in the Greater Philadelphia area, one-third recorded a High level of demand, and one-quarter had Limited demand, largely unchanged from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com