January 2025 Report
Philadelphia Metro
Philadelphia | January 2025
Home Demand Index
The Home Demand Index (HDI) for this report stands at 49, a decline from last month’s 69 and slightly lower than the 50 recorded during the same period last year. This decrease reflects continued cooling in market conditions, likely driven by economic pressures and seasonal factors. Despite the softer month-over-month trend, year-over-year demand remains relatively stable.
Demand for entry-level single-family homes decreased, with the index dropping from 73 last month to 53, remaining consistent with last year. Luxury condos also saw a decline, dropping from 86 last month to 63, but still showing an improvement compared to last year. Overall, demand has decreased from last month, reflecting a broader trend of reduced buyer interest across various segments, despite year-over-year improvement in the luxury condo market.
Monthly Statistics for January 2025
Home Demand
Index
Index
49
(Limited)
Home Demand Index
from prior month
from prior month
69
Home Demand Index
from prior year
from prior year
50
Index change
from prior month
from prior month
-29%
Index change from
same time last year
same time last year
-2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Home Demand Index | Historical Year-over-Year Comparison
The HDI for this period is 49, a notable drop from last month’s 69 and slightly below last year’s 50. This year-over-year comparison indicates a modest decline in market activity, with buyer interest continuing to soften. Month-over-month trends reflect ongoing adjustments in response to economic pressures.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Home Demand Map
The HDI map highlights mixed demand across regions, with urban areas maintaining relatively steady interest while suburban and rural markets experience a more pronounced decline. Buyer engagement is notably weaker in specific suburban counties, reflecting a broader market softening. Despite these declines, urban demand continues to anchor regional activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Demand and Inventory by Home Type
Demand for entry-level single-family homes decreased, with the index dropping from 73 last month to 53, remaining consistent with last year. Luxury condos also saw a decline, dropping from 86 last month to 63, but still showing an improvement compared to last year. Overall, demand has decreased from last month, reflecting a broader trend of reduced buyer interest across various segments, despite year-over-year improvement in the luxury condo market.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Single Family Home Below $345k
The entry-level single-family home index is 53, reflecting a sharp drop from last month’s 73 but consistent with last year’s level. This trend indicates sustained buyer interest year-over-year despite cooling month-over-month. Inventory constraints and affordability challenges continue to shape activity in this segment.
Monthly Statistics for Single Family Home Below $345k
Home Demand
Index
Index
53
(Limited)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
53
Months of
inventory
inventory
1.8
Average daily inventory last month
1,043
Inventory sold
last month
last month
583
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Single Family Home $345k - $760k
The index for mid-range single-family homes stands at 41, a decline from 63 last month and slightly below last year’s 44. This reflects a softening of buyer interest in this segment compared to prior periods. Persistent inventory shortages and affordability issues contribute to subdued market activity.
Monthly Statistics for Single Family Home $345k - $760k
Home Demand
Index
Index
41
(Limited)
Home Demand Index
from prior month
from prior month
63
Home Demand Index
from prior year
from prior year
44
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,463
Inventory sold
last month
last month
1,533
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Single Family Home Above $760k
The luxury single-family home index is 28, showing a sharp decline from last month’s 47 and slightly lower than last year’s 29. This downturn highlights waning buyer interest in the high-end segment, likely influenced by affordability constraints and economic uncertainty. Demand softening in this tier underscores ongoing challenges in sustaining momentum.
Monthly Statistics for Single Family Home Above $760k
Home Demand
Index
Index
28
(Limited)
Home Demand Index
from prior month
from prior month
47
Home Demand Index
from prior year
from prior year
29
Months of
Inventory
Inventory
2.4
Average daily inventory last month
852
Inventory sold
last month
last month
356
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Condo Below $410k
The entry-level condo index is 60, reflecting a significant decrease from last month’s 80 but nearly level with last year’s 61. This indicates a cooling of buyer interest in the short term, although year-over-year demand remains steady. Affordability and constrained inventory continue to attract consistent engagement from budget-conscious buyers.
Monthly Statistics for Condo Below $410k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
61
Months of
Inventory
Inventory
3.5
Average daily inventory last month
768
Inventory sold
last month
last month
220
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Condo Above $410k
The luxury condo index is 63, down from last month’s 86 but above last year’s 59. This trend suggests ongoing resilience in buyer interest year-over-year despite a softening month-over-month. The relative stability underscores continued appeal in this high-end market segment despite broader economic pressures.
Monthly Statistics for Condo Above $410k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
59
Months of
Inventory
Inventory
5.3
Average daily inventory last month
261
Inventory sold
last month
last month
49
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | January 2025
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins stands at 59, a decline from last month’s 78 but unchanged from last year. This stability year-over-year reflects consistent buyer interest amid broader market challenges. The significant month-over-month drop points to cooling seasonal demand or economic factors influencing activity.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
59
(Limited)
Home Demand Index
from prior month
from prior month
78
Home Demand Index
from prior year
from prior year
59
Months of
Inventory
Inventory
3.1
Average daily inventory last month
5,502
Inventory sold
last month
last month
1,777
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 January 2025 period with data collected from the previous month.
Released: January 10, 2025
Reference ID: 2174
Philadelphia | January 2025
Home Demand Map (Zip Codes)
The HDI map highlights mixed demand across regions, with urban areas maintaining relatively steady interest while suburban and rural markets experience a more pronounced decline. Buyer engagement is notably weaker in specific suburban counties, reflecting a broader market softening. Despite these declines, urban demand continues to anchor regional activity.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com