July 2022 Report
Philadelphia Metro
Philadelphia | July 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 2.6 percent in June. Demand remained in the Moderate range with an Index reading of 119.
Except for lower-priced single-family homes, demand for each type of Philadelphia Metro area home rose marginally in June. Compared with one year earlier, however, demand was significantly lower for all types of homes except higher-priced single-family homes. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos, each remaining in the High demand category in June. Buyer interest in lower-priced single-family homes was Limited. Demand was Moderate for other types of Philadelphia Metro area homes. The months supply of homes was down marginally among the single-family segments and lower-priced condos and unchanged among the remaining segments. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.6 months supply for higher-priced condos.
Monthly Statistics for July 2022
Home Demand
Index
Index
119
(Moderate)
Home Demand Index
from prior month
from prior month
116
Home Demand Index
from prior year
from prior year
140
Index change
from prior month
from prior month
2.6%
Index change from
same time last year
same time last year
-15%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Home Demand Index | Historical Year-over-Year Comparison
Buyer interest has been in the Moderate range for the past four months. Despite rising mortgage rates and greater affordability challenges, the June Index was only four percent lower than the spring market peak in April. Demand was 15 percent lower than one year earlier due to both the cumulative impact of higher housing costs and limited inventory.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Home Demand Map
Although demand was Moderate in the Philadelphia Metro area overall, buyer interest varied across communities. Demand was strongest in Bucks, Delaware and Montgomery counties, each with an Index in the High category. Demand was Steady or Slow across the suburban New Jersey counties and Philadelphia County. 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 in 39 percent of ZIP codes was in the High category, an increase from 35 percent in May. Demand in slightly more than one-third of communities was Slow or Limited.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Demand and Inventory by Home Type
Except for lower-priced single-family homes, demand for each type of Philadelphia Metro area home rose marginally in June. Compared with one year earlier, however, demand was significantly lower for all types of homes except higher-priced single-family homes. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos, each remaining in the High demand category in June. Buyer interest in lower-priced single-family homes was Limited. Demand was Moderate for other types of Philadelphia Metro area homes. The months supply of homes was down marginally among the single-family segments and lower-priced condos and unchanged among the remaining segments. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.6 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Single Family Home Below $195k
Demand for lower-priced single-family homes eased in June from an already low level. The Index, at 26, continued to signal a Limited level of demand for homes in this price range. The months supply fell in June despite the weak pace of demand. There was a 1.5 months supply in June down from 1.7 months in May.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
26
(Limited)
Home Demand Index
from prior month
from prior month
28
Home Demand Index
from prior year
from prior year
52
Months of
inventory
inventory
1.5
Average daily inventory last month
312
Inventory sold
last month
last month
205
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Single Family Home $195k - $485k
Buyer interest in mid-priced single-family homes was virtually unchanged in June. The Bright MLS | T3 Home Demand Index, at 113, marked the fourth consecutive month of Moderate demand in this segment of the Philadelphia Metro market. Compared with one year earlier, demand was down by 23 percent, however. The months supply of homes continued to be extremely low at just 1.1 months. In fact, this segment of the market recorded the lowest months supply in June.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
113
(Moderate)
Home Demand Index
from prior month
from prior month
112
Home Demand Index
from prior year
from prior year
146
Months of
Inventory
Inventory
1.1
Average daily inventory last month
2,684
Inventory sold
last month
last month
2,417
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Single Family Home Above $485k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes rose five percent to 241, a reading reflecting a High level of buyer interest. The strength of demand was also consistent with a low, and declining, months supply. At just 1.4 months in June, the months supply was down from 1.7 in May.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
241
(High)
Home Demand Index
from prior month
from prior month
229
Home Demand Index
from prior year
from prior year
238
Months of
Inventory
Inventory
1.4
Average daily inventory last month
2,154
Inventory sold
last month
last month
1,541
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Condo Below $360k
Buyer interest in lower-priced condos increased in June to a level consistent with a Moderate level of demand. The Index rose eight percent over the month but was 25 percent lower than one year earlier. The months supply of homes on the market was down marginally to 1.7 months from 1.8 months in May.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
110
(Moderate)
Home Demand Index
from prior month
from prior month
102
Home Demand Index
from prior year
from prior year
147
Months of
Inventory
Inventory
1.7
Average daily inventory last month
640
Inventory sold
last month
last month
369
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Condo Above $360k
Demand for higher-priced condos rose seven percent in June and remained in the High category with an Index of 145. Although among the strongest segments of the Philadelphia Metro market, demand was lower than one year earlier. There was a 3.6 months supply in June, up slightly from May.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
145
(High)
Home Demand Index
from prior month
from prior month
135
Home Demand Index
from prior year
from prior year
170
Months of
Inventory
Inventory
3.6
Average daily inventory last month
334
Inventory sold
last month
last month
94
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | July 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Townhouse demand rose marginally in June and remained at a Moderate level with an Index reading of 126. There was a 1.9 months supply of homes on the market, unchanged from May. The months supply was higher than all other types of homes in the Philadelphia Metro area market except for the much smaller higher-priced condo segment.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
126
(Moderate)
Home Demand Index
from prior month
from prior month
124
Home Demand Index
from prior year
from prior year
143
Months of
Inventory
Inventory
1.9
Average daily inventory last month
5,755
Inventory sold
last month
last month
3,005
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 July 2022 period with data collected from the previous month.
Released: July 11, 2022
Reference ID: 1646
Philadelphia | July 2022
Home Demand Map (Zip Codes)
Although demand was Moderate in the Philadelphia Metro area overall, buyer interest varied across communities. Demand was strongest in Bucks, Delaware and Montgomery counties, each with an Index in the High category. Demand was Steady or Slow across the suburban New Jersey counties and Philadelphia County. 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 in 39 percent of ZIP codes was in the High category, an increase from 35 percent in May. Demand in slightly more than one-third of communities was Slow or Limited.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com