Rockville, Md. (July 13, 2021) – The following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on June 2021 Bright MLS housing data.
Philadelphia Metro Area - Overview
- The Bright | T3 Housing Demand Index scored a 139 (“High”). Buyer demand remains strong even amid rising home prices and tight inventory conditions, just under the April peak. Demand was “High” in all segments except lower-priced single-family homes (“Limited”).
- Half of all ZIP codes recorded a “High” Index, with weaker demand concentrated in the New Jersey portion of the market.
- June’s median sales price ($325.0K) hit a ten-year high for the third straight month.
- YTD median sales price tracks at $294K (+15% from YTD 2020).
- YTD closings total 42,861 units, up 34% from 2020 and 19% from 2019.
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About the Philadelphia Metro Housing Market Update
The Philadelphia Metro Area Housing Market Update provides unique insights into the state of the current housing market by tracking and measuring presale activities such as showings and agent searches through the Bright MLS | T3 Home Demand Index as well as the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The Philadelphia Metro Area housing market includes Bucks County, Chester County, Delaware County, Montgomery County, Philadelphia County in Pennsylvania, Burlington County, Camden County, Gloucester County, Mercer County and Salem County in New Jersey and New Castle County in Delaware. Data provided by the Bright MLS | T3 Home Demand Index and by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
Bright MLS’s real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 95,000 real estate professionals who in turn serve the more than 20 million homeowners in our footprint. In 2020, Bright’s customers facilitated $116.3B in real estate transactions through our system. For more information, please visit www.brightmls.com.