Let’s see how Philly is bucking the trend.
- According to a Redfin economist, “Most of the country is shifting more into a buyer’s market, but Philadelphia is remaining more of a seller’s market.” Homebuyers in Philadelphia are facing more competition than buyers in other markets.
- Location! Location! Location! applies here with Philly’s geographic advantage and affordability as compared to the NYC and DC markets. This has contributed to a shortage of homes available in our region.
- Philadelphia had a median listing price in February of $280,000. That is far below the national median sale price of more than $425,000. “Buyers aren’t as priced out as they are in other places” noted the economist. The Philly market was one of only eight big metropolitan areas where a higher share of homes sold above the original listing price in February compared to the same time last year.
- Nationwide, homes selling for more than the listing price skyrocketed in the springs of 2021 and 2022; buyer competition was intense and more than half of homes sold for more than the original price. Now, nationwide, one in five homes sold for more than the original asking price in February, according to Redfin.
Read the full Philadelphia Inquirer article here.
