February 2025 Report
Philadelphia Metro
Philadelphia | February 2025
Home Demand Index
The Home Demand Index (HDI) stands at 64, marking an increase from last month’s 49 but a slight decline compared to last year’s 66. This month-over-month rise suggests strengthening market conditions, potentially driven by seasonal factors or increased buyer activity. However, the year-over-year decline indicates that broader economic conditions or affordability constraints may still be influencing demand.
Entry-level single-family homes saw a moderate increase, rising from 54 last month to 63 this month. Mid-range single-family homes experienced a notable increase as well, rising to 55 from 41 last month. Luxury single-family homes also gained momentum, increasing from 28 to 40. Entry-level condos saw a substantial increase from 62 to 83, while luxury condos experienced the most significant growth, rising from 63 last month to 97. Townhouses also saw an increase. This divergence suggests shifting buyer priorities, with a stronger focus on the luxury segments across both single-family homes and condos.
Monthly Statistics for February 2025
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
49
Home Demand Index
from prior year
from prior year
66
Index change
from prior month
from prior month
30.6%
Index change from
same time last year
same time last year
-3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index (HDI) for this period stands at 63, reflecting a notable rise from last month’s 49 but a slight decrease from last year’s 66. The year-over-year consistency suggests a stable market, with demand levels remaining largely unchanged despite fluctuations in economic conditions. The month-over-month improvement signals renewed buyer interest, potentially influenced by seasonal demand patterns or improved affordability.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Home Demand Map
The HDI map indicates a slight improvement in demand across both urban and suburban markets in the Philadelphia area, recovering from the previous month’s decline. Gradual growth is observed in various areas, suggesting the market is rebounding. Buyer interest in Philadelphia, Kent, and New Castle counties has shifted from limited to slow demand, reflecting a slight improvement in market activity. Overall, the market is adjusting, with demand gradually increasing across the metro area compared to the previous period.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Demand and Inventory by Home Type
Entry-level single-family homes saw a moderate increase, rising from 54 last month to 63 this month. Mid-range single-family homes experienced a notable increase as well, rising to 55 from 41 last month. Luxury single-family homes also gained momentum, increasing from 28 to 40. Entry-level condos saw a substantial increase from 62 to 83, while luxury condos experienced the most significant growth, rising from 63 last month to 97. Townhouses also saw an increase. This divergence suggests shifting buyer priorities, with a stronger focus on the luxury segments across both single-family homes and condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Single Family Home Below $345k
The index for entry-level single-family homes stands at 63, up from last month’s 54 but still below last year’s 68. This month-over-month increase suggests a strengthening market for entry-level buyers, possibly driven by seasonal factors or improved affordability. However, the year-over-year decline indicates continued affordability constraints, limiting broader demand growth.
Monthly Statistics for Single Family Home Below $345k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
54
Home Demand Index
from prior year
from prior year
68
Months of
inventory
inventory
2.1
Average daily inventory last month
968
Inventory sold
last month
last month
472
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Single Family Home $345k - $762k
The mid-range single-family home index increased to 55 this month, up from last month’s 41 but slightly below last year’s 57. This month-over-month improvement suggests a rise in buyer activity, potentially driven by seasonal demand. Despite the uptick, the year-over-year decline indicates that demand for this segment remains somewhat constrained.
Monthly Statistics for Single Family Home $345k - $762k
Home Demand
Index
Index
55
(Limited)
Home Demand Index
from prior month
from prior month
41
Home Demand Index
from prior year
from prior year
57
Months of
Inventory
Inventory
2.1
Average daily inventory last month
2,150
Inventory sold
last month
last month
1,024
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Single Family Home Above $762k
The index for luxury single-family homes increased to 40, up from 28 last month but slightly below last year’s 42. This suggests a moderate rebound in demand, although still trailing previous levels. The year-over-year decline reflects lingering affordability concerns or market shifts impacting high-end properties.
Monthly Statistics for Single Family Home Above $762k
Home Demand
Index
Index
40
(Limited)
Home Demand Index
from prior month
from prior month
28
Home Demand Index
from prior year
from prior year
42
Months of
Inventory
Inventory
2.9
Average daily inventory last month
697
Inventory sold
last month
last month
237
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Condo Below $410k
The entry-level condo index rose to 83, a significant increase from last month’s 62 but slightly below last year’s 87. This suggests renewed buyer interest in more affordable housing options, possibly driven by seasonal factors or improving market sentiment. However, the slight year-over-year decline may indicate persistent affordability challenges limiting overall demand growth.
Monthly Statistics for Condo Below $410k
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
62
Home Demand Index
from prior year
from prior year
87
Months of
Inventory
Inventory
4.5
Average daily inventory last month
759
Inventory sold
last month
last month
168
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Condo Above $410k
The luxury condo index climbed to 97, up from 63 last month but slightly below last year’s 103. This month-over-month surge suggests renewed buyer interest in the high-end condo market, possibly fueled by seasonal shifts or new inventory. The slight year-over-year decline indicates that demand remains strong but has yet to fully recover to previous levels.
Monthly Statistics for Condo Above $410k
Home Demand
Index
Index
97
(Steady)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
103
Months of
Inventory
Inventory
7.3
Average daily inventory last month
233
Inventory sold
last month
last month
32
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | February 2025
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins stands at 76, rising from last month’s 60 but slightly below last year’s 78. This month-over-month increase suggests a strengthening market for attached homes, likely due to seasonal demand trends. However, the slight year-over-year decline reflects continued affordability constraints and broader market softening.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
76
(Slow)
Home Demand Index
from prior month
from prior month
60
Home Demand Index
from prior year
from prior year
78
Months of
Inventory
Inventory
3.6
Average daily inventory last month
5,080
Inventory sold
last month
last month
1,427
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 February 2025 period with data collected from the previous month.
Released: February 10, 2025
Reference ID: 2193
Philadelphia | February 2025
Home Demand Map (Zip Codes)
The HDI map indicates a slight improvement in demand across both urban and suburban markets in the Philadelphia area, recovering from the previous month’s decline. Gradual growth is observed in various areas, suggesting the market is rebounding. Buyer interest in Philadelphia, Kent, and New Castle counties has shifted from limited to slow demand, reflecting a slight improvement in market activity. Overall, the market is adjusting, with demand gradually increasing across the metro area compared to the previous period.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com