March 2022 Report
Philadelphia Metro
Philadelphia | March 2022
Home Demand Index
The Bright MLS | T3 Home Demand Index for the Philadelphia Metro market area increased slightly more than 21 percent in February to 103, reflecting Steady buyer demand. The Index was in the Slow range in January.
Demand increased for each type of home in February. The Index for higher-priced single-family homes and higher-priced condos rose the most, each up by more than 40 percent over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. The months supply of homes rose for all segments except lower-priced condos. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos.
Monthly Statistics for March 2022
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
101
Index change
from prior month
from prior month
21.2%
Index change from
same time last year
same time last year
2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Home Demand Index | Historical Year-over-Year Comparison
Buyer demand has risen for two consecutive months after reaching a seasonal low in December. Since the start of the year, the Index has risen by nearly 50 percent. The increase in demand over the period pushed the Index two percent higher than the same month one year earlier, the first time that demand has exceeded the year-earlier level since May.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Home Demand Map
In the Philadelphia Metro area, buyer interest was strongest in Delaware and Montgomery counties, each in the High demand category. Demand was Slow in the New Jersey counties of Camden, Mercer, Burlington, and Gloucester. Buyer interest throughout the rest of the region ranged from Steady to Moderate. Demand was in the High range in the Salem-Cumberland market area and Steady in Central Pennsylvania. The increase in buyer interest was reflected across the Greater Philadelphia area as well. Demand in 26 percent of ZIP codes was in the High range compared with 13 percent in January, while demand was in the Limited ranges among 28 percent of ZIP codes compared with 41 percent in January.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Demand and Inventory by Home Type
Demand increased for each type of home in February. The Index for higher-priced single-family homes and higher-priced condos rose the most, each up by more than 40 percent over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. The months supply of homes rose for all segments except lower-priced condos. The months supply of homes ranged from 1.3 months for mid-priced single-family homes to 5.8 months for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Single Family Home Below $195k
Demand for lower-priced single-family homes was little changed in February and remained in the Limited range of buyer interest. The Index, at 33, was 40 percent lower than one year earlier, confirming the weak level of demand in this segment. There was a 1.9 months supply of homes for sale, up slightly from January.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
33
(Limited)
Home Demand Index
from prior month
from prior month
32
Home Demand Index
from prior year
from prior year
55
Months of
inventory
inventory
1.9
Average daily inventory last month
356
Inventory sold
last month
last month
190
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Single Family Home $195k - $485k
The Bright MLS | T3 Home Demand Index for mid-priced single-family homes rose to 100 in February, reflecting a Steady pace of demand. The Index was at the same level as one year earlier, indicating that demand has retraced last year’s pace of activity in the early months of the spring market. Relatively low inventory remains a challenge. There was a 1.3 months supply of homes on the market, a slight increase from January, but still lower than any other type of Philadelphia area home.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
100
(Steady)
Home Demand Index
from prior month
from prior month
85
Home Demand Index
from prior year
from prior year
100
Months of
Inventory
Inventory
1.3
Average daily inventory last month
1,782
Inventory sold
last month
last month
1,399
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Single Family Home Above $485k
Demand for higher-priced single-family homes surged in February, with the Index up by 44 percent to 158. The Index also was 18 percent higher than the level one year earlier, indicating that demand has remained strong over the past year even as home prices increased and mortgage interest rates rose. There was a 2.1 months supply of homes on the market up from 1.6 months in January.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
158
(High)
Home Demand Index
from prior month
from prior month
110
Home Demand Index
from prior year
from prior year
134
Months of
Inventory
Inventory
2.1
Average daily inventory last month
1,064
Inventory sold
last month
last month
502
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Condo Below $360k
Buyer interest in lower-priced condos rose in February but remained at a steady pace. The Index was marginally lower than one year earlier, suggesting that buyer interest was somewhat softer at the start of the spring market than last year. There was a 1.9 months supply of homes on the market, little changed from the previous month.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
109
(Steady)
Home Demand Index
from prior month
from prior month
99
Home Demand Index
from prior year
from prior year
118
Months of
Inventory
Inventory
1.9
Average daily inventory last month
519
Inventory sold
last month
last month
277
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Condo Above $360k
The Bright MLS | T3 Home Demand Index for higher-priced condos increased by more than 40 percent in February to 168, reading in the High range of demand. The Index also was slightly higher than one year earlier, suggesting that buyer interest in this segment remains robust. The months supply of homes was at a comfortable 5.8 months, up from 4.2 months in January.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
168
(High)
Home Demand Index
from prior month
from prior month
119
Home Demand Index
from prior year
from prior year
161
Months of
Inventory
Inventory
5.8
Average daily inventory last month
244
Inventory sold
last month
last month
42
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | March 2022
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Townhouse demand strengthened in February, with the Index rising by 20 percent to 116. The Moderate pace of demand reflected an increase from Steady demand in January. Compared to one year earlier, the Index was up slightly. The months supply rose to 2.4 months from 2.1 months in January, still relatively low, but higher than all other segments of the Philadelphia market except higher-priced condos.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
116
(Moderate)
Home Demand Index
from prior month
from prior month
97
Home Demand Index
from prior year
from prior year
109
Months of
Inventory
Inventory
2.4
Average daily inventory last month
4,286
Inventory sold
last month
last month
1,805
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 March 2022 period with data collected from the previous month.
Released: March 11, 2022
Reference ID: 1585
Philadelphia | March 2022
Home Demand Map (Zip Codes)
In the Philadelphia Metro area, buyer interest was strongest in Delaware and Montgomery counties, each in the High demand category. Demand was Slow in the New Jersey counties of Camden, Mercer, Burlington, and Gloucester. Buyer interest throughout the rest of the region ranged from Steady to Moderate. Demand was in the High range in the Salem-Cumberland market area and Steady in Central Pennsylvania. The increase in buyer interest was reflected across the Greater Philadelphia area as well. Demand in 26 percent of ZIP codes was in the High range compared with 13 percent in January, while demand was in the Limited ranges among 28 percent of ZIP codes compared with 41 percent in January.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com