Homebuyers in the Philadelphia area and throughout the Northeast are experiencing more competition than in other areas of the country, according to an analysis by Zillow. For every home on the market nationwide, there were between five and six engaged shoppers (people who shared or saved a home listing). The Philadelphia metropolitan area had about eight engaged home shoppers per listing.
Homes in the Philadelphia region sold above asking price. Nationwide, 27% of homes sold in March went for more than the final listing price. In the Philadelphia area, 42% of homes sold that month went for more than asking.
Buying was brisk. Homes in the region spent a median of eight days on the market before they were pending sale. That’s half the national median.
The Philadelphia metro is the 16th most competitive market out of the 50 largest markets.
Read the full Inquirer article here.
