Will physical therapy heal my labral tear?

If you have been told you have a labral tear, "will physical therapy heal it" is a fair thing to ask. OrthoInfo (AAOS) describes the options, and a promise should be held up against that description.
Short answer: physical therapy is listed, healing is not promised
Whether physical therapy will heal your labral tear is a question for your clinician. OrthoInfo (AAOS) says nonsurgical treatment includes rest, physical therapy, and medications or injections that can reduce inflammation. A treatment appearing on that list is not a promise of a result.
What the source says about the next step
The same source says your doctor may recommend hip arthroscopy if you have a painful condition that does not respond to nonsurgical treatment. It also says hip arthroscopy may relieve painful symptoms of many problems that damage the labrum, articular cartilage, or other soft tissues surrounding the joint. Note the wording "may" and "can" throughout. When a hip program promises to fix a tear, hold that promise up against it. For terms and anatomy, the public health library's page on hip injuries and hip disorders and a clinic's explanation of the hip joint are useful, and a pain management center and a pain medicine society cover wider pain care.
What to ask your clinician
Bring your questions to a licensed clinician in Totowa or wherever you are seen. Ask how they know the tear is the source of your pain, what a physical therapy plan would involve, and how you would both judge whether it is working. Ask what result would lead them to discuss other options.
Our note on labral tear promises
Healing is a result, and a result needs your own exam and follow-up to confirm. Read this as background rather than a diagnosis, and a licensed clinician has to examine you to say whether a labral tear is the problem.