Philadelphia metro ranked in the middle of the pack among the best places for home buyers in Zillow’s new market heat index.

Zillow’s new market heat index represents buyers’ urgency or sellers’ confidence in an area. It considers the share of homes that sell quickly, the share of homes that get a price cut, and the amount of buyer engagement with active Zillow listings in a market.

The new Zillow index shows that most of the country’s 50 largest metros still favor sellers.

“Prospective buyers in most markets today are feeling less intense competition than in recent spring shopping seasons,” said Skylar Olsen, Zillow’s chief economist. “Pressure is easing up as mortgage rates raise costs and sellers return.”

However, inventory remains remarkably low, which means that “the nation remains a seller’s market despite high mortgage rates — homes are selling faster, with more buyer interest over any one listing, than pre-pandemic,” she added.

For the April ranking, the Philadelphia region placed at No. 23 with a ZMHI of 69.5 (or raw ZHVI of $361,244). This means that the Philadelphia market strongly favors sellers.

This number represents a 7.7 percent change year-over-year.

Despite a strong seller’s market, Philadelphia’s unique charm makes it a noteworthy option for homebuyers.