Rockville, Md. (November 11, 2021) – The following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on October 2021 Bright MLS housing data.
Philadelphia Metro Area - Overview
- The Bright MLS | T3 Home Demand Index remained at 111, reflecting a Moderate level of buyer interest. Although unchanged over the month, the Index was nearly 13 percent lower than one year earlier.
- The median sales price in the Philadelphia region was $304K in October 2021, a 9.0% increase over October 2020.
- Sales activity declined 5.9% between September and October, which is a slightly larger month-to-month decline than in recent years.
- Inventory remains very tight in the region, with fewer new listings coming onto the market in October. The number of new listings regionwide was down 12.9% compared to last October. This is the fourth consecutive month of year-over-year declines in new listings in the Philadelphia region.
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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.