November 2024 Report
Philadelphia Metro
Philadelphia | November 2024
Home Demand Index
The Home Demand Index (HDI) currently stands at 69, down from 82 in the previous month, yet reflecting an increase from last year’s index of 65. This trend indicates a moderate cooling in market activity month-over-month, while demand remains higher than last year’s level. The year-over-year improvement signals consistent recovery and steady buyer interest.
Inventory levels decreased from the previous month across all home types, and demand has also declined. The condo segment has shifted from steady to slow demand, while all types of single-family homes have moved from slow to limited demand. This suggests a transitioning market, where the decrease in inventory may influence buyer decision-making.
Monthly Statistics for November 2024
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
82
Home Demand Index
from prior year
from prior year
65
Index change
from prior month
from prior month
-15.9%
Index change from
same time last year
same time last year
6.2%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Home Demand Index | Historical Year-over-Year Comparison
The current HDI of 69 shows a decline from last month’s 82 but remains above last year’s level of 65, indicating a modest year-over-year improvement. This suggests that while recent market conditions have softened, buyer interest is higher than a year ago. The month-over-month decline reflects ongoing adjustments due to broader economic factors.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Home Demand Map
This month’s HDI reveals steady buyer interest in certain metro areas, while others show limited or slow demand, especially in specific counties. Demand has decreased slightly across the area, indicating a gradual softening in housing activity. Despite these declines, select regions continue to show resilient market interest.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Demand and Inventory by Home Type
Inventory levels decreased from the previous month across all home types, and demand has also declined. The condo segment has shifted from steady to slow demand, while all types of single-family homes have moved from slow to limited demand. This suggests a transitioning market, where the decrease in inventory may influence buyer decision-making.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Single Family Home Below $340k
The entry-level index for single-family homes decreased to 69, down from 80 last month but above last year’s index of 64. This decline highlights a cooling in buyer interest, likely driven by affordability constraints. Inventory remains limited, contributing to the slow pace of demand.
Monthly Statistics for Single Family Home Below $340k
Home Demand
Index
Index
69
(Limited)
Home Demand Index
from prior month
from prior month
80
Home Demand Index
from prior year
from prior year
64
Months of
inventory
inventory
1.8
Average daily inventory last month
952
Inventory sold
last month
last month
541
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Single Family Home $340k - $755k
The index for mid-range single-family homes is 63, down from 75 last month but slightly above last year’s 61. This decrease reflects a softening in buyer interest compared to the prior period, while demand shows stability year-over-year. Inventory remains constrained, sustaining competition in this segment.
Monthly Statistics for Single Family Home $340k - $755k
Home Demand
Index
Index
63
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
61
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,559
Inventory sold
last month
last month
1,647
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Single Family Home Above $755k
The luxury single-family home index stands at 56, a decline from last month’s 75 and below last year’s 59, reflecting cooling buyer interest. This segment remains competitive despite lower demand, as limited inventory keeps the market steady. The shift suggests cautious engagement from high-end buyers amid broader economic factors.
Monthly Statistics for Single Family Home Above $755k
Home Demand
Index
Index
56
(Limited)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
59
Months of
Inventory
Inventory
2.5
Average daily inventory last month
1,034
Inventory sold
last month
last month
413
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Condo Below $400k
The entry-level condo index is at 75, down from 92 last month but higher than last year’s 72. This indicates steady buyer interest year-over-year, though there is a slight cooling trend in recent months. Demand in this segment remains resilient, supported by affordability and limited inventory.
Monthly Statistics for Condo Below $400k
Home Demand
Index
Index
75
(Slow)
Home Demand Index
from prior month
from prior month
92
Home Demand Index
from prior year
from prior year
72
Months of
Inventory
Inventory
2.7
Average daily inventory last month
682
Inventory sold
last month
last month
257
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Condo Above $400k
The luxury condo index has dropped to 79, down from last month’s 101 and close to last year’s 80. Buyer interest in this segment shows signs of softening, potentially due to economic shifts impacting high-end purchase decisions. Despite the recent decrease, demand remains relatively stable year-over-year.
Monthly Statistics for Condo Above $400k
Home Demand
Index
Index
79
(Slow)
Home Demand Index
from prior month
from prior month
101
Home Demand Index
from prior year
from prior year
80
Months of
Inventory
Inventory
5.5
Average daily inventory last month
247
Inventory sold
last month
last month
45
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | November 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twins stands at 76, down from last month’s 90 but slightly above last year’s 71. This points to a moderate cooling in demand month-over-month, though buyer interest shows improvement over last year. Limited inventory maintains competitiveness in this segment despite the recent demand drop.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
76
(Slow)
Home Demand Index
from prior month
from prior month
90
Home Demand Index
from prior year
from prior year
71
Months of
Inventory
Inventory
2.7
Average daily inventory last month
5,232
Inventory sold
last month
last month
1,974
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 2024 period with data collected from the previous month.
Released: November 11, 2024
Reference ID: 2141
Philadelphia | November 2024
Home Demand Map (Zip Codes)
This month’s HDI reveals steady buyer interest in certain metro areas, while others show limited or slow demand, especially in specific counties. Demand has decreased slightly across the area, indicating a gradual softening in housing activity. Despite these declines, select regions continue to show resilient market interest.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com