October 2024 Report
Philadelphia Metro
Philadelphia | October 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 81, consistent with last month’s report and showing a notable increase from last year’s index of 50. This stability in demand signals steady buyer interest in the market, with housing activity holding firm. The year-over-year growth reflects stronger demand and a recovery from last year’s weaker market conditions.
In the current report period, inventory levels for all home segments in Philadelphia have slightly increased compared to the previous month, but sales have not shown the same upward trend. Despite the rise in available homes, demand for single-family home segments and townhouses remains slow. Luxury condos continue to experience steady market conditions, demonstrating stable buyer activity, while entry-level condos have shifted from a slow to a steady category, indicating improved interest. The overall rise in inventory suggests that more sellers are listing their homes, but stagnant sales imply that buyers may still be cautious, possibly due to economic uncertainties or affordability concerns.
Monthly Statistics for October 2024
Home Demand
Index
Index
81
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
50
Index change
from prior month
from prior month
0%
Index change from
same time last year
same time last year
62%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index for this report period is 81, consistent with last month and showing a significant increase compared to last year’s index of 50. This year-over-year improvement highlights a resurgence in buyer interest, reflecting overall market recovery. The steady month-over-month figure suggests a consistent trend in buyer engagement amidst evolving market conditions.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Home Demand Map
For this reporting period, the Home Demand Index (HDI) indicated that buyer interest in homes was steady in Kent, Montgomery, New Castle, and Bucks Counties, while it consistently remained limited in each of the New Jersey counties and slow in the other counties that comprise the metro area. The index showed a slight decline in each metro area county over the month. Demand remains steady in the Salem-Cumberland area and slow in Central Pennsylvania.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Demand and Inventory by Home Type
In the current report period, inventory levels for all home segments in Philadelphia have slightly increased compared to the previous month, but sales have not shown the same upward trend. Despite the rise in available homes, demand for single-family home segments and townhouses remains slow. Luxury condos continue to experience steady market conditions, demonstrating stable buyer activity, while entry-level condos have shifted from a slow to a steady category, indicating improved interest. The overall rise in inventory suggests that more sellers are listing their homes, but stagnant sales imply that buyers may still be cautious, possibly due to economic uncertainties or affordability concerns.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Single Family Home Below $340k
The index for entry-level single-family homes stands at 77 this month, showing a modest 1% increase from last month’s 76 and a significant rise from last year’s index of 43. This year-over-year growth indicates stronger buyer interest, likely due to improved affordability and stabilized mortgage rates. The sustained increase reflects ongoing demand in this price segment.
Monthly Statistics for Single Family Home Below $340k
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
76
Home Demand Index
from prior year
from prior year
43
Months of
inventory
inventory
2.2
Average daily inventory last month
1,047
Inventory sold
last month
last month
485
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Single Family Home $340k - $750k
The index for mid-range single-family homes is 74 this month, showing a slight decline from last month’s 78, but still a notable improvement over last year’s index of 45. This dip suggests a cooling in buyer interest, though demand remains healthy compared to the previous year. The slight increase in months of supply reflects improving inventory, but competition for homes in this segment remains strong.
Monthly Statistics for Single Family Home $340k - $750k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
78
Home Demand Index
from prior year
from prior year
45
Months of
Inventory
Inventory
1.9
Average daily inventory last month
2,985
Inventory sold
last month
last month
1,559
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Single Family Home Above $750k
The index for luxury single-family homes stands at 74 this month, up from 66 last month and 45 last year, reflecting a positive trend in buyer interest. The improvement in demand suggests a recovery in the high-end market segment, with luxury buyers re-engaging as economic uncertainties diminish. This year-over-year increase highlights a rebound in luxury home sales, contributing to a more competitive market.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
74
(Slow)
Home Demand Index
from prior month
from prior month
66
Home Demand Index
from prior year
from prior year
45
Months of
Inventory
Inventory
3.2
Average daily inventory last month
1,248
Inventory sold
last month
last month
388
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Condo Below $400k
The index for entry-level condos is 90 this month, rising from last month’s 87 and showing an 80% increase from last year’s index of 50. This growth signifies heightened buyer interest in this segment, likely driven by affordability and favorable economic conditions. The shift from “Slow” to “Steady” demand indicates a robust recovery in this price range.
Monthly Statistics for Condo Below $400k
Home Demand
Index
Index
90
(Steady)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
50
Months of
Inventory
Inventory
3.9
Average daily inventory last month
773
Inventory sold
last month
last month
199
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Condo Above $400k
The index for entry-level condos is 90 this month, rising from last month’s 87 and showing an 80% increase from last year’s index of 50. This growth signifies heightened buyer interest in this segment, likely driven by affordability and favorable economic conditions. The shift from “Slow” to “Steady” demand indicates a robust recovery in this price range.
Monthly Statistics for Condo Above $400k
Home Demand
Index
Index
103
(Steady)
Home Demand Index
from prior month
from prior month
94
Home Demand Index
from prior year
from prior year
85
Months of
Inventory
Inventory
5.4
Average daily inventory last month
286
Inventory sold
last month
last month
53
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | October 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twin homes is 89 this month, up from last month’s 88 and significantly higher than last year’s 58. This rise in demand highlights increased buyer interest in these home types, possibly driven by their relative affordability and appeal in urban and suburban areas. The year-over-year growth reflects stronger competition in this market segment, likely spurred by favorable mortgage rates and economic conditions.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
89
(Slow)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
58
Months of
Inventory
Inventory
3.3
Average daily inventory last month
6,057
Inventory sold
last month
last month
1,809
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 October 2024 period with data collected from the previous month.
Released: October 11, 2024
Reference ID: 2126
Philadelphia | October 2024
Home Demand Map (Zip Codes)
For this reporting period, the Home Demand Index (HDI) indicated that buyer interest in homes was steady in Kent, Montgomery, New Castle, and Bucks Counties, while it consistently remained limited in each of the New Jersey counties and slow in the other counties that comprise the metro area. The index showed a slight decline in each metro area county over the month. Demand remains steady in the Salem-Cumberland area and slow in Central Pennsylvania.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com