Philadelphia Metro

November 2024 | 
Home Demand Index: 69 | 
Tier: Limited

Metro Area Overview

The Home Demand Index (HDI) currently stands at 69, down from 82 in the previous month, yet reflecting an increase from last year’s index of 65. This trend indicates a moderate cooling in market activity month-over-month, while demand remains higher than last year’s level. The year-over-year improvement signals consistent recovery and steady buyer interest.
The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Philadelphia Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.
Metro Market Trend Data by Bright MLS | T3 Home Demand Index
Each of the market areas listed above are defined as follows:
  • 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;

Philadelphia | November 2024

Home Demand Index

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The Home Demand Index (HDI) currently stands at 69, down from 82 in the previous month, yet reflecting an increase from last year’s index of 65. This trend indicates a moderate cooling in market activity month-over-month, while demand remains higher than last year’s level. The year-over-year improvement signals consistent recovery and steady buyer interest.
Inventory levels decreased from the previous month across all home types, and demand has also declined. The condo segment has shifted from steady to slow demand, while all types of single-family homes have moved from slow to limited demand. This suggests a transitioning market, where the decrease in inventory may influence buyer decision-making.
Monthly Statistics for November 2024
Home Demand
Index
69
(Limited)
Home Demand Index
from prior month
82
Home Demand Index
from prior year
65
Index change
from prior month
-15.9%
Index change from
same time last year
6.2%
Bright MLS | T3 Home Demand Index

www.homedemandindex.com