November 2023 Report
Philadelphia Metro
Philadelphia | November 2023
Home Demand Index
Demand for homes in the Philadelphia Metro area rose in October according to the Bright MLS | T3 Home Demand Index. The Index, at 64, was 28 percent higher over the month and reflected a Limited pace of buyer activity. Compared with one year earlier, the Index was 26.4 percent lower.
Buyer interest in most types of homes rose in October. The Index for entry-level single-family homes increased the most, rising by 50 percent, followed by a 40 percent rise for entry-level condos. The Index was marginally lower for luxury condos although demand was stronger than any other segment of the metro area market. The Index was lowest for mid-market and luxury single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained relatively low in October although the months supply rose for all types of homes. The months supply ranged from 1.7 months for mid-market single-family homes to 8 months for luxury condos.
Monthly Statistics for November 2023
Home Demand
Index
Index
64
(Limited)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
87
Index change
from prior month
from prior month
28%
Index change from
same time last year
same time last year
-26.4%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Home Demand Index | Historical Year-over-Year Comparison
Buyer interest in Philadelphia Metro area homes rose in October following a three-month decline in demand that included a significant drop in the September Index. Demand remained in the Limited range, however, as higher mortgage rates and deteriorating affordability continued to hinder buyers. The cumulative impact is evident when comparing the Limited level of activity in October with the Slow pace of demand one year earlier.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Home Demand Map
In the Philadelphia Metro area, buyer interest was Slow in the suburban counties of Bucks, Delaware, Kent, Montgomery, and New Castle and Limited across the rest of the metro area counties. Demand was in the Slow range in the Salem-Cumberland and Central Pennsylvania market areas. Across the Greater Philadelphia area, buyer interest was Slow or Limited in 76 percent of ZIP codes, down from 92 percent in September. Demand in 14 percent of communities was High or Moderate, up slightly from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Demand and Inventory by Home Type
Buyer interest in most types of homes rose in October. The Index for entry-level single-family homes increased the most, rising by 50 percent, followed by a 40 percent rise for entry-level condos. The Index was marginally lower for luxury condos although demand was stronger than any other segment of the metro area market. The Index was lowest for mid-market and luxury single-family homes with buyer interest in the Limited range. The inventory of homes available for sale remained relatively low in October although the months supply rose for all types of homes. The months supply ranged from 1.7 months for mid-market single-family homes to 8 months for luxury condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Single Family Home Below $310k
Demand for entry-level single-family homes was higher in October with the Index increasing 50 percent over the month to 63, a level consistent with a Limited pace of buyer interest. Compared with one year earlier, the Index was 32 percent lower. The months supply, at 1.8, was up from 1.6 months in September.
Monthly Statistics for Single Family Home Below $310k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
42
Home Demand Index
from prior year
from prior year
93
Months of
inventory
inventory
1.8
Average daily inventory last month
910
Inventory sold
last month
last month
505
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Single Family Home $310k - $700k
The Bright MLS | T3 Home Demand Index for mid-market single-family homes increased 33 percent in October to 60 indicating a Limited level of buyer interest. The months supply of homes, at 1.7, was up from 1.5 months in September and lower than any other type of metro area home.
Monthly Statistics for Single Family Home $310k - $700k
Home Demand
Index
Index
60
(Limited)
Home Demand Index
from prior month
from prior month
45
Home Demand Index
from prior year
from prior year
83
Months of
Inventory
Inventory
1.7
Average daily inventory last month
2,566
Inventory sold
last month
last month
1,485
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Single Family Home Above $700k
The Index for luxury single-family homes rose 31 percent to 59, reflecting a Limited pace of buyer activity. Buyer interest in this segment of the metro area market was weaker than any other with mid-market single-family homes only marginally higher. The months supply, at 2.9, was up from 2.6 months in September.
Monthly Statistics for Single Family Home Above $700k
Home Demand
Index
Index
59
(Limited)
Home Demand Index
from prior month
from prior month
45
Home Demand Index
from prior year
from prior year
74
Months of
Inventory
Inventory
2.9
Average daily inventory last month
1,136
Inventory sold
last month
last month
386
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Condo Below $392k
Buyer interest in entry-level condos was up in October according to the Bright MLS | T3 Home Demand Index. The Index rose 40 percent to 70, a level indicating a Slow pace of demand. There was a 2.9 months supply of homes available for sale, up from 2.7 months in September.
Monthly Statistics for Condo Below $392k
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
50
Home Demand Index
from prior year
from prior year
91
Months of
Inventory
Inventory
2.9
Average daily inventory last month
631
Inventory sold
last month
last month
219
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Condo Above $392k
The Index for luxury condos was down 6 percent in September reflecting demand in the Slow category. Moreover, demand was 20 percent lower compared with one year earlier. The inventory of homes for sale, at 8 months supply, was up from 5.2 months in September.
Monthly Statistics for Condo Above $392k
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
86
Home Demand Index
from prior year
from prior year
101
Months of
Inventory
Inventory
8
Average daily inventory last month
311
Inventory sold
last month
last month
39
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2023
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
Demand for townhouses increased in October according to the Bright MLS | T3 Home Demand Index. With an October increase of 21 percent to 70, the Index was consistent with a Slow pace of buyer interest. There was a 3.3 months supply of homes available for sale, up from 3 months in September.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
70
(Slow)
Home Demand Index
from prior month
from prior month
58
Home Demand Index
from prior year
from prior year
95
Months of
Inventory
Inventory
3.3
Average daily inventory last month
5,760
Inventory sold
last month
last month
1,750
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 November 2023 period with data collected from the previous month.
Released: November 11, 2023
Reference ID: 1936
Philadelphia | November 2023
Home Demand Map (Zip Codes)
In the Philadelphia Metro area, buyer interest was Slow in the suburban counties of Bucks, Delaware, Kent, Montgomery, and New Castle and Limited across the rest of the metro area counties. Demand was in the Slow range in the Salem-Cumberland and Central Pennsylvania market areas. Across the Greater Philadelphia area, buyer interest was Slow or Limited in 76 percent of ZIP codes, down from 92 percent in September. Demand in 14 percent of communities was High or Moderate, up slightly from the previous month.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com