December 2024 Report
Philadelphia Metro
Philadelphia | December 2024
Home Demand Index
The Home Demand Index (HDI) currently stands at 69, down slightly from last month’s 70 but higher than last year’s index of 64. This trend reflects a marginal cooling in buyer activity month-over-month while maintaining a positive year-over-year trajectory. The steady annual improvement signals a recovering market with sustained buyer interest despite seasonal fluctuations.
Entry-level single-family homes have seen demand stabilize at 71, unchanged from last month but higher than last year’s 68. Mid-range homes experienced a slight decline, dropping from 64 last month to 62 this period. Luxury homes have seen a decrease, with demand falling from 56 last month to 47. The remaining home segments have shown an increase this period. This disparity suggests heightened competition in the luxury homes segment, while entry-level demand remains steady amid affordability constraints.
Monthly Statistics for December 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
70
Home Demand Index
from prior year
from prior year
64
Index change
from prior month
from prior month
-1.4%
Index change from
same time last year
same time last year
7.8%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Home Demand Index | Historical Year-over-Year Comparison
The current HDI of 69 reflects a slight decline from last month’s 70 but demonstrates a notable increase from last year’s 64. This year-over-year growth suggests improved buyer activity, highlighting ongoing market recovery. Month-over-month stability indicates a steady, though cautious, market environment.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Home Demand Map
The HDI map for this period reveals steady buyer interest in key areas, though some regions are experiencing a gradual softening in demand. Urban counties maintain stronger engagement, while suburban and rural areas show slower activity. Overall, the market reflects diverse regional dynamics shaped by shifting buyer preferences and inventory constraints.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Demand and Inventory by Home Type
Entry-level single-family homes have seen demand stabilize at 71, unchanged from last month but higher than last year’s 68. Mid-range homes experienced a slight decline, dropping from 64 last month to 62 this period. Luxury homes have seen a decrease, with demand falling from 56 last month to 47. The remaining home segments have shown an increase this period. This disparity suggests heightened competition in the luxury homes segment, while entry-level demand remains steady amid affordability constraints.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Single Family Home Below $345k
The entry-level index for single-family homes is steady at 71, unchanged from last month and showing growth from last year’s 68. This stability indicates consistent buyer interest despite ongoing affordability challenges. Limited inventory continues to constrain the market, maintaining competitiveness in this segment.
Monthly Statistics for Single Family Home Below $345k
Home Demand
Index
Index
71
(Slow)
Home Demand Index
from prior month
from prior month
71
Home Demand Index
from prior year
from prior year
68
Months of
inventory
inventory
2.3
Average daily inventory last month
1,166
Inventory sold
last month
last month
507
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Single Family Home $345k - $760k
The index for mid-range single-family homes is 62, down from 64 last month but higher than last year’s 59. This reflects a slight cooling in month-over-month demand while maintaining steady year-over-year buyer interest. Constrained inventory levels ensure continued competition within this segment.
Monthly Statistics for Single Family Home $345k - $760k
Home Demand
Index
Index
62
(Limited)
Home Demand Index
from prior month
from prior month
64
Home Demand Index
from prior year
from prior year
59
Months of
Inventory
Inventory
1.9
Average daily inventory last month
2,951
Inventory sold
last month
last month
1,518
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Single Family Home Above $760k
The luxury single-family home index is 47, reflecting a notable decline from last month’s 56 and slightly below last year’s 49. This trend indicates waning buyer interest in high-end properties, potentially due to economic shifts. Limited inventory, however, keeps this segment competitive despite reduced demand.
Monthly Statistics for Single Family Home Above $760k
Home Demand
Index
Index
47
(Limited)
Home Demand Index
from prior month
from prior month
56
Home Demand Index
from prior year
from prior year
49
Months of
Inventory
Inventory
3
Average daily inventory last month
1,095
Inventory sold
last month
last month
362
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Condo Below $400k
The entry-level condo index stands at 79, a slight increase from last month’s 77 and up from last year’s 75. This trend suggests steady buyer engagement supported by affordability and constrained inventory. The incremental rise in demand reflects resilience in this segment amid broader market fluctuations.
Monthly Statistics for Condo Below $400k
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
75
Months of
Inventory
Inventory
3.8
Average daily inventory last month
825
Inventory sold
last month
last month
218
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Condo Above $400k
The luxury condo index is at 86, up from last month’s 80 and higher than last year’s 75. This increase suggests strengthening buyer interest in high-end condos, reflecting confidence in this market segment. Limited inventory further underscores the competitiveness of the luxury condo market.
Monthly Statistics for Condo Above $400k
Home Demand
Index
Index
86
(Slow)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
75
Months of
Inventory
Inventory
7.6
Average daily inventory last month
290
Inventory sold
last month
last month
38
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | December 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins is 78, slightly up from last month’s 77 and significantly above last year’s 70. This rise indicates steady buyer interest in this segment, driven by a mix of affordability and location preferences. Limited inventory sustains competition despite modest demand growth.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
78
(Slow)
Home Demand Index
from prior month
from prior month
77
Home Demand Index
from prior year
from prior year
70
Months of
Inventory
Inventory
3.5
Average daily inventory last month
6,128
Inventory sold
last month
last month
1,768
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 December 2024 period with data collected from the previous month.
Released: December 10, 2024
Reference ID: 2159
Philadelphia | December 2024
Home Demand Map (Zip Codes)
The HDI map for this period reveals steady buyer interest in key areas, though some regions are experiencing a gradual softening in demand. Urban counties maintain stronger engagement, while suburban and rural areas show slower activity. Overall, the market reflects diverse regional dynamics shaped by shifting buyer preferences and inventory constraints.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com