Philadelphia Metro

March 2024 | 
Home Demand Index: 76 | 
Tier: Slow

Metro Area Overview

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 15.2 percent in February to 76, a level consistent with Slow buyer demand. The Index was in the Limited category in January and 3.8 percent lower than one year earlier.
The market trend line, below, provides a high-level monthly overview of the Home Demand Index for each of the metro market areas within the Greater Philadelphia Metro Area. The Home Demand Index is baselined at 100, with 90-110 indicating a steady market. Index values above 110 indicate moderate and high activity while Index values below 90 indicate slower or limited activity. For more information for a given period of time, click on any point on the map to pull up the monthly report.
Metro Market Trend Data by Bright MLS | T3 Home Demand Index
Each of the market areas listed above are defined as follows:
  • 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;

Philadelphia | March 2024

Home Demand Index

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The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area rose 15.2 percent in February to 76, a level consistent with Slow buyer demand. The Index was in the Limited category in January and 3.8 percent lower than one year earlier.
The Bright MLS | T3 Home Demand Index for all types of homes was unchanged or higher over the month. Demand for luxury single-family homes rose the most with an increase of 35 percent over the month. Buyer interest in entry-level condos was unchanged in February. Demand for luxury condos was stronger than any other type of home. In contrast, buyer interest in luxury single-family homes was softer than any other segment with the Index in the Limited category. The months supply of homes for sale was somewhat lower for each type of condo, and marginally higher for all other segments. The months supply ranged from 2.1 months for mid-market single-family homes to 7 months for luxury condos.
Monthly Statistics for March 2024
Home Demand
Index
76
(Slow)
Home Demand Index
from prior month
66
Home Demand Index
from prior year
79
Index change
from prior month
15.2%
Index change from
same time last year
-3.8%
Bright MLS | T3 Home Demand Index

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