September 2024 Report
Philadelphia Metro
Philadelphia | September 2024
Home Demand Index
The Home Demand Index (HDI) for this report period stands at 80, reflecting a slight decrease from last month’s 81 and a more noticeable decline from the previous year’s 85. This downward trend suggests a softening in market conditions, with buyer interest showing cautious engagement amid ongoing economic uncertainties. The year-over-year decline underscores continued adjustments in market dynamics influenced by broader economic factors.
For this report period, the demand for single-family homes shows varied performance across different segments. Entry-level single-family homes are experiencing a decrease in demand, with the index dropping to 73 from 75 last month, indicating continued affordability challenges. In contrast, mid-range single-family homes have a stable demand index of 77, while luxury homes reflect a more significant decline to 65, suggesting a softening of interest in the higher-end segment.
Monthly Statistics for September 2024
Home Demand
Index
Index
80
(Slow)
Home Demand Index
from prior month
from prior month
81
Home Demand Index
from prior year
from prior year
85
Index change
from prior month
from prior month
-1.2%
Index change from
same time last year
same time last year
-5.9%
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Home Demand Index | Historical Year-over-Year Comparison
The Home Demand Index (HDI) for this report period is at 80, showing a marginal decrease from last month’s 81 and a more significant drop compared to last year’s 85. This year-over-year decline indicates a continued reduction in buyer interest, consistent with broader market trends and economic conditions. Despite the slight month-over-month decrease, the overall trend points to cautious market activity amidst ongoing challenges.
Home Demand Index
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Home Demand Map
The HDI map for this report period shows mixed demand levels across different regions, with “Steady” buyer interest in some areas and “Limited” or “Slow” demand in others. While the overall trend indicates a gradual recovery in some metro areas, several regions, particularly those with limited buyer engagement, continue to face challenges. Local economic factors and shifting buyer preferences influence these varying levels of demand, contributing to diverse market conditions across the metro area.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Demand and Inventory by Home Type
For this report period, the demand for single-family homes shows varied performance across different segments. Entry-level single-family homes are experiencing a decrease in demand, with the index dropping to 73 from 75 last month, indicating continued affordability challenges. In contrast, mid-range single-family homes have a stable demand index of 77, while luxury homes reflect a more significant decline to 65, suggesting a softening of interest in the higher-end segment.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Single Family Home Below $335k
The index for entry-level single-family homes is 73 this month, slightly down from last month’s 75 and significantly lower than last year’s 87. This decline indicates a continued weakening of buyer interest, likely driven by affordability issues and limited inventory. The market remains subdued, reflecting cautious buyer behavior in this price segment.
Monthly Statistics for Single Family Home Below $335k
Home Demand
Index
Index
73
(Slow)
Home Demand Index
from prior month
from prior month
75
Home Demand Index
from prior year
from prior year
87
Months of
inventory
inventory
1.7
Average daily inventory last month
952
Inventory sold
last month
last month
552
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Single Family Home $335k - $750k
The index for mid-range single-family homes stands at 77 this month, a marginal decrease from last month’s 78 and slightly below last year’s 79. This trend suggests a stable but slightly cooling market, with demand remaining relatively consistent year-over-year. Buyer interest appears steady, though influenced by broader economic conditions.
Monthly Statistics for Single Family Home $335k - $750k
Home Demand
Index
Index
77
(Slow)
Home Demand Index
from prior month
from prior month
78
Home Demand Index
from prior year
from prior year
79
Months of
Inventory
Inventory
1.6
Average daily inventory last month
2,979
Inventory sold
last month
last month
1,846
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Single Family Home Above $750k
The index for luxury single-family homes is 65 this month, down from 73 last month and 70 last year, indicating a decline in buyer interest in this segment. This reduction may be driven by economic uncertainties or shifting preferences among high-end buyers. Despite this decline, the market shows some resilience as demand stabilizes at a lower level.
Monthly Statistics for Single Family Home Above $750k
Home Demand
Index
Index
65
(Limited)
Home Demand Index
from prior month
from prior month
73
Home Demand Index
from prior year
from prior year
70
Months of
Inventory
Inventory
2
Average daily inventory last month
1,219
Inventory sold
last month
last month
606
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Condo Below $400k
The index for entry-level condos is 85 this month, down slightly from last month’s 87 but close to last year’s 86, reflecting a relatively stable market for this segment. This slight decrease suggests a modest cooling in buyer interest, likely due to affordability constraints or limited inventory. Overall, the market remains competitive, with steady demand driven by first-time buyers and investors.
Monthly Statistics for Condo Below $400k
Home Demand
Index
Index
85
(Slow)
Home Demand Index
from prior month
from prior month
87
Home Demand Index
from prior year
from prior year
86
Months of
Inventory
Inventory
3
Average daily inventory last month
783
Inventory sold
last month
last month
263
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Condo Above $400k
The index for luxury condos stands at 94 this month, a decrease from last month’s 102 and last year’s 105, indicating a softening of buyer interest in this segment. This decline reflects cautious engagement among high-end buyers amid market uncertainties, although demand remains robust enough to maintain competitive conditions. Inventory levels are tight, contributing to a constrained market environment.
Monthly Statistics for Condo Above $400k
Home Demand
Index
Index
94
(Steady)
Home Demand Index
from prior month
from prior month
102
Home Demand Index
from prior year
from prior year
105
Months of
Inventory
Inventory
4.3
Average daily inventory last month
287
Inventory sold
last month
last month
67
Bright MLS | T3 Home Demand Index
www.homedemandindex.com
Philadelphia | September 2024
Townhouse/Rowhouse/Twin All prices
Townhouse/
Rowhouse/Twin
All prices
The index for townhouses, rowhouses, and twin homes is 87 this month, a slight decline from last month’s 88 and lower than last year’s 94, indicating a gradual cooling in buyer interest. Despite this decrease, the market reflects balanced conditions with moderate demand across all price points. Inventory remains limited, maintaining a competitive environment for buyers in this segment.
Monthly Statistics for Townhouse/Rowhouse/TwinAll prices
Home Demand
Index
Index
87
(Slow)
Home Demand Index
from prior month
from prior month
88
Home Demand Index
from prior year
from prior year
94
Months of
Inventory
Inventory
2.8
Average daily inventory last month
5,791
Inventory sold
last month
last month
2,080
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 2024 period with data collected from the previous month.
Released: September 11, 2024
Reference ID: 2109
Philadelphia | September 2024
Home Demand Map (Zip Codes)
The HDI map for this report period shows mixed demand levels across different regions, with “Steady” buyer interest in some areas and “Limited” or “Slow” demand in others. While the overall trend indicates a gradual recovery in some metro areas, several regions, particularly those with limited buyer engagement, continue to face challenges. Local economic factors and shifting buyer preferences influence these varying levels of demand, contributing to diverse market conditions across the metro area.
Bright MLS | T3 Home Demand Index
www.homedemandindex.com