Dec 201923

Median Sale Prices Up, Home Sales Down in Philadelphia’s Real Estate Market in November

Dec 201923

Median Sale Prices Up, Home Sales Down in Philadelphia’s Real Estate Market in November

Market Minute Logo 2019 smallMedian sale prices increased, while home sales fell across the Philadelphia real estate market last month, according to Long & Foster Real Estate’s Market Minute Report. Philadelphia County experienced the greatest increase in median sale price with an 11% rise. The number of homes sold declined ranging from 9% in Bucks County to 16% dip in Chester County.   

Inventory continued a downward trend across the region, with Bucks County experiencing a 31decline followed by Montgomery County with a 27% drop.   

The Long & Foster Real Estate Market Minute report for the Philadelphia region includes BucksChesterDelawareMontgomery and Philadelphia counties. 

Philadelphia Market Minute Chart November 2019

 

“The spring market begins in January, so if you’re planning to list your home next spring, it’s not too early to get your house ready,” said Gary Scott, president of Long & Foster Real Estate. “The No. 1 home improvement you should do is declutter. It’s the least expensive and most effective strategy to get your home ready to sell.”  

Scott recommends renting a storage unit for six months and moving your extraneous furniture and personal belongs out of your home. There’s a greater chance that a decluttered house will sell faster and possibly for a higher price than one that is cluttered. By packing away at least some of your personal belongings, it allows your home to look its best, stand out from the competition and makes it easier for buyers to imagine themselves living there.  

“Now is a good time to contact a Long & Foster Real Estate agent to tap into their expertise and follow their suggestions for home improvements to do that will make your home as attractive as possible to buyers,” said Scott.  

Reflecting on real estate in 2019, Scott commented that despite low inventory challenges, there were several factors that were favorable for the market this year. “Interest rates under 4%, a healthy stock market, low unemployment, and ample demand have all contributed to the success of the real estate market this year,” said Scott.   

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.