Home Sales, Median Sale Price Rose in Most of Philadelphia’s Real Estate Market in February

March 18, 2020
Market Minute Logo 2019 small

Most of the greater Philadelphia real estate region experienced a rise in median sale price and units sold in February, according to Long & Foster Real Estate’s Market Minute Report. Montgomery County experienced the greatest increase in median sale price with a 21% rise.  

The number of homes sold rose across most of the region, with the exception of Bucks County, which experienced a slight 2% dip. Inventory continued its downward trend in double digits throughout the region, with Bucks County experiencing a 37% decline followed by both Delaware and Montgomery Counties with a 28% drop. 

The Long & Foster Real Estate Market Minute report for the Philadelphia region includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties. 

Philadelphia Market Minute Chart February 2020

“Like many people in the country, we’ve been actively monitoring the developments around the coronavirus,” said Gary Scott, president of Long & Foster Real Estate.  “It’s a constantly changing situation and although the long-term impact is not yet known, we do know some short-term opportunities have arisen for buyers and sellers.”  

Mortgage interest rates are now at an all-time low – almost 1% lower than they were a year ago, which can increase a consumer’s buying power significantly.  “While inventory continues to remain a significant challenge, our sales units and sales volume are up significantly during the first two months of this year, which we attribute to our low interest rate environment,” said Scott.  

Scott added that real estate remains a solid investment with proven appreciation over time. “Homes increase in value nearly 5% per year nationwide,” said Scott. “In times of stock market downturns, consumers and investors will often put their money into the purchase of real estate as a safe haven from the volatile swings of the stock market.” 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.