September 2021 Report
Philadelphia Metro
Philadelphia | September 2021
Home Demand Index
Demand for homes in the Philadelphia Metro market area rose marginally in August according to the Bright MLS | T3 Home Demand Index. The Index, at a reading of 118, was in the Moderate range and 11 percent lower than one year earlier.
Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, demand for lower-priced single-family homes was the weakest, the continuation of a months-long pattern. Buyer interest was strongest for higher-priced single-family homes. Demand for each of the six home types tracked by the Index was little changed over the month. Inventory levels remained tight ranging from a 1.3 months supply for mid-priced single-family homes to a 4.7 months supply for higher-priced condos.
Monthly Statistics for September 2021
Home Demand
Index
Index
118
(Moderate)
Home Demand Index
from prior month
from prior month
115
Home Demand Index
from prior year
from prior year
133
Index change
from prior month
from prior month
2.6%
Index change from
same time last year
same time last year
-11.3%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Home Demand Index | Historical Year-over-Year Comparison
Buyer interest in Philadelphia Metro area homes declined in July following a very strong spring homebuying season, driven by improving economic conditions, low mortgage rates and easing pandemic restrictions. The Index remained in the Moderate range in August and below the level one year ago when many homebuyers delayed their purchase into the summer months due to the pandemic.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Home Demand Map
The Bright MLS | T3 Home Demand Index in six of the 11 counties in the Philadelphia Metro market area was in the High category. Philadelphia County and the New Jersey portion of the market area were all in the Steady or Slow category in August. Demand was High in the Salem-Cumberland market area and Moderate in Central Pennsylvania. Across the Greater Philadelphia market area, half of ZIP codes recorded a High or Moderate level of demand and roughly one-third were in the Slow or Limited category.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Demand and Inventory by Home Type
Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, demand for lower-priced single-family homes was the weakest, the continuation of a months-long pattern. Buyer interest was strongest for higher-priced single-family homes. Demand for each of the six home types tracked by the Index was little changed over the month. Inventory levels remained tight ranging from a 1.3 months supply for mid-priced single-family homes to a 4.7 months supply for higher-priced condos.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Single Family Home Below $195k
Buyer interest in lower-priced single-family homes was unchanged in August and remained in the Limited category. Compared with one year earlier, the Index has fallen by half and accounted for just three percent of sales across the entire market area. For would-be buyers at this price point, inventory conditions have improved with a month’s supply of 1.9 in August, up from 1.7 in July.
Monthly Statistics for Single Family Home Below $195k
Home Demand
Index
Index
39
(Limited)
Home Demand Index
from prior month
from prior month
39
Home Demand Index
from prior year
from prior year
81
Months of
inventory
inventory
1.9
Average daily inventory last month
546
Inventory sold
last month
last month
287
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Single Family Home $195k - $485k
Demand for mid-priced single-family homes, which accounted for one-third of sales in the Philadelphia Metro area, rose marginally in August and remained in the Moderate category. Compared with one year earlier, demand was somewhat lower. The inventory of homes for sale, at 1.3 months, increased slightly compared with July.
Monthly Statistics for Single Family Home $195k - $485k
Home Demand
Index
Index
127
(Moderate)
Home Demand Index
from prior month
from prior month
124
Home Demand Index
from prior year
from prior year
136
Months of
Inventory
Inventory
1.3
Average daily inventory last month
3,688
Inventory sold
last month
last month
2,925
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Single Family Home Above $485k
The Bright MLS | T3 Home Demand Index for higher-priced single-family homes decreased two percent to 176 but remained in the High category. Buyer interest in this segment has been stronger than any other type of home in the Philadelphia Metro market area for several months as buyers looked to lock in low mortgage rates on more expensive homes. The month’s supply, at 1.6, was unchanged in August compared with July.
Monthly Statistics for Single Family Home Above $485k
Home Demand
Index
Index
176
(High)
Home Demand Index
from prior month
from prior month
180
Home Demand Index
from prior year
from prior year
171
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,354
Inventory sold
last month
last month
1,461
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Condo Below $360k
Buyer interest in lower-priced condos rose slightly in August and remained in the Moderate demand category. Like other types of homes, demand has decreased since the spring when buyer interest was at an elevated level. Even as demand has eased, the monthly supply remained low at 2.1 months in August, up marginally compared with July.
Monthly Statistics for Condo Below $360k
Home Demand
Index
Index
128
(Moderate)
Home Demand Index
from prior month
from prior month
125
Home Demand Index
from prior year
from prior year
135
Months of
Inventory
Inventory
2.1
Average daily inventory last month
893
Inventory sold
last month
last month
424
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Condo Above $360k
Demand for higher-priced condos rose slightly in August to an Index reading of 134. While still in the High category of demand, buyer interest has cooled compared with the spring. Consistent with this pullback in demand, the month’s supply rose to 4.7 in August from 4.2 months in July.
Monthly Statistics for Condo Above $360k
Home Demand
Index
Index
134
(High)
Home Demand Index
from prior month
from prior month
131
Home Demand Index
from prior year
from prior year
150
Months of
Inventory
Inventory
4.7
Average daily inventory last month
360
Inventory sold
last month
last month
77
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2021
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The Bright MLS | T3 Home Demand Index for townhouses rose four percent to 122 reflecting a Moderate level of demand. Demand for townhouses has softened since spring when demand was particularly strong. Inventory conditions remained challenging in August with a two-month supply, which was only slightly higher than July.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
122
(Moderate)
Home Demand Index
from prior month
from prior month
117
Home Demand Index
from prior year
from prior year
139
Months of
Inventory
Inventory
2
Average daily inventory last month
6,121
Inventory sold
last month
last month
3,122
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 September 2021 period with data collected from the previous month.
Released: September 11, 2021
Reference ID: 1399
Philadelphia | September 2021
Home Demand Map (Zip Codes)
The Bright MLS | T3 Home Demand Index in six of the 11 counties in the Philadelphia Metro market area was in the High category. Philadelphia County and the New Jersey portion of the market area were all in the Steady or Slow category in August. Demand was High in the Salem-Cumberland market area and Moderate in Central Pennsylvania. Across the Greater Philadelphia market area, half of ZIP codes recorded a High or Moderate level of demand and roughly one-third were in the Slow or Limited category.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com