April 2024 Report
Philadelphia Metro
Philadelphia | April 2024
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area increased 7.8 percent to 83 in March and remained in the Slow demand category. The Index was 2.4 percent lower than one year earlier.
Buyer interest in all types of Philadelphia Metro area homes was higher in March. The Index for luxury single-family homes increased the most, rising 20 percent and moving from the Limited to the Slow category over the month. Buyer interest was strongest for luxury condos, which attracted a High level of demand, followed by entry-level condos and townhouses with Steady buyer interest. Although rising over the month, demand was the weakest for luxury and mid-market single-family homes, each with Slow demand. The months supply ranged from 1.7 months for mid-market single-family homes to 6.1 months for luxury condos.
Monthly Statistics for April 2024
Home Demand
Index
Index
83
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
85
Index change
from prior month
from prior month
7.8%
Index change from
same time last year
same time last year
-2.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Home Demand Index | Historical Year-over-Year Comparison
Demand for homes in the Philadelphia Metro area was up for the third consecutive month in March although at a slower pace than in either January or February. Since January the Index has largely retraced the level of demand from one year earlier following a period of little change in the fall and early winter months. Mortgage rates remain elevated, although down from the peak late last fall. Despite the market headwinds, homebuying activity has ramped up in the early months of the year as the spring market progresses.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Home Demand Map
Demand for homes was strongest in Kent, New Castle and Delaware counties with a Steady level of buyer interest. Activity was weakest in the New Jersey counties of the metro area, each with Limited buyer demand. Buyer interest was Moderate in the Salem-Cumberland region and Slow in Central Pennsylvania. In the Greater Philadelphia area, demand in 25 percent of ZIP codes was in the High or Moderate range, up from 19 percent in February. Demand in 60 percent of ZIP codes was in the Slow or Limited category, down from 67 percent in February.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Demand and Inventory by Home Type
Buyer interest in all types of Philadelphia Metro area homes was higher in March. The Index for luxury single-family homes increased the most, rising 20 percent and moving from the Limited to the Slow category over the month. Buyer interest was strongest for luxury condos, which attracted a High level of demand, followed by entry-level condos and townhouses with Steady buyer interest. Although rising over the month, demand was the weakest for luxury and mid-market single-family homes, each with Slow demand. The months supply ranged from 1.7 months for mid-market single-family homes to 6.1 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Single Family Home Below $323k
The Index for entry-level single-family homes rose 4 percent to 78 in March and continued to reflect demand in the Slow category. The Index was 11 percent lower compared with one year earlier while the months supply, at 1.8, was down from 2.3 months in February.
Monthly Statistics for Single Family Home Below $323k
Home Demand
Index
Index
78
(Slow)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
88
Months of
inventory
inventory
1.8
Average daily inventory last month
817
Inventory sold
last month
last month
460
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Single Family Home $323k - $720k
Demand for mid-market single-family homes rose to the Slow category from the Limited category, reflecting a 6 percent increase in the March Index. Compared with one year earlier, the Index was 3 percent lower. The months supply, at 1.7, was down from 2.1 months in February and was lower than any other Philadelphia Metro area market segment.
Monthly Statistics for Single Family Home $323k - $720k
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
75
Months of
Inventory
Inventory
1.7
Average daily inventory last month
2,006
Inventory sold
last month
last month
1,149
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Single Family Home Above $720k
The Bright MLS | T3 Home Demand Index for luxury single-family homes increased 20 percent in March to 71 reflecting a Slow level of buyer interest. Despite the rise, demand was weaker than any other segment of the Philadelphia Metro area market. The months supply of homes, at 2.8 months, was down from 3.1 months the previous month.
Monthly Statistics for Single Family Home Above $720k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
59
Home Demand Index
from prior year
from prior year
65
Months of
Inventory
Inventory
2.8
Average daily inventory last month
789
Inventory sold
last month
last month
283
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Condo Below $390k
Buyer interest in entry-level condos was up somewhat in March according to the Bright MLS | T3 Home Demand Index. The Index, at 93, reflected a Steady pace of demand. Compared with one year earlier, the Index was unchanged. There was a 2.8 months supply of homes available for sale, down from 3 months in February.
Monthly Statistics for Condo Below $390k
Home Demand
Index
Index
93
(Steady)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
93
Months of
Inventory
Inventory
2.8
Average daily inventory last month
686
Inventory sold
last month
last month
243
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Condo Above $390k
Demand for luxury condos was higher in March, with the Index increasing 15 percent over the month to 133, a level consistent with a High pace of buyer interest. Compared with one year earlier, the Index was 9 percent higher. The months supply, at 6.1 months, was down from 7 months in February.
Monthly Statistics for Condo Above $390k
Home Demand
Index
Index
133
(High)
Home Demand Index
from prior month
from prior month
116
Home Demand Index
from prior year
from prior year
122
Months of
Inventory
Inventory
6.1
Average daily inventory last month
293
Inventory sold
last month
last month
48
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | April 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses was 10 percent higher in March according to the Bright MLS | T3 Home Demand Index. At 96, the Index was consistent with a Steady pace of buyer interest. There was a 2.9 months supply of homes available for sale, down from 3.9 months in February.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
96
(Steady)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
97
Months of
Inventory
Inventory
2.9
Average daily inventory last month
5,084
Inventory sold
last month
last month
1,734
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 April 2024 period with data collected from the previous month.
Released: April 11, 2024
Reference ID: 2030
Philadelphia | April 2024
Home Demand Map (Zip Codes)
Demand for homes was strongest in Kent, New Castle and Delaware counties with a Steady level of buyer interest. Activity was weakest in the New Jersey counties of the metro area, each with Limited buyer demand. Buyer interest was Moderate in the Salem-Cumberland region and Slow in Central Pennsylvania. In the Greater Philadelphia area, demand in 25 percent of ZIP codes was in the High or Moderate range, up from 19 percent in February. Demand in 60 percent of ZIP codes was in the Slow or Limited category, down from 67 percent in February.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com