The Philadelphia real estate market experienced an increase in median sale prices of homes in April, according to The Long & Foster Market Minute reports. The greater Philadelphia real estate market includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
When compared to last year, many parts of the Philadelphia region saw median sale prices increase in April, with Philadelphia County experiencing a 12 percent increase. In Bucks County, the median sale price increased by 11 percent, followed by Delaware County with a 4 percent increase. In Chester County, the median sale price rose by 3 percent, while it decreased by 1 percent in Montgomery County.
The number of homes sold varied in the Philadelphia region last month. In Bucks County, the number of homes sold increased by 5 percent, followed by Montgomery County with an increase of 4 percent. Both Chester and Delaware counties experienced no year-over-year change in home sales, and Philadelphia County experienced a 3 percent decrease.
Levels of active inventory decreased throughout the region in April. Philadelphia County experienced a 28 percent decline, while active inventory fell by 27 percent in Bucks County. In Montgomery County, active inventory decreased by 22 percent, and in Delaware County it decreased by 18 percent. Chester County experienced a 16 percent decrease in active inventory.
Homes are continuing to sell at a steady pace, with many selling in about two months or less on average. According to April data, the days on market (DOM) average was 56 days in Philadelphia County and 57 days in both Bucks and Chester counties. In Delaware County, the DOM average was 60 days, and in Montgomery County, the DOM average was 61 days.
“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.