Many parts of the Philadelphia real estate market experienced an increase in median sale prices in June, 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 June, with Philadelphia County experiencing a 13 percent increase. Chester County experienced a 7 percent increase in median sale price. In Bucks and Montgomery counties, the median sale price increased by 6 percent, and in Delaware County, the median sale price fell by 2 percent.
The number of homes sold varied in the Philadelphia region last month. In Philadelphia County, the number of homes sold increased by 4 percent, followed by Bucks County with an increase of 3 percent. Chester County experienced a 1 percent increase in the number of homes sold. Montgomery County experienced a 1 percent decrease in home sales, and Delaware County experienced a 3 percent decrease.
Levels of active inventory decreased throughout the region in June. Bucks County experienced a 27 percent decline, while active inventory fell by 23 percent in Philadelphia County. In Montgomery County, active inventory decreased by 20 percent, and in Delaware County it decreased by 19 percent. Chester County experienced a 13 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 June data, the days on market (DOM) average was 41 days in Philadelphia County and 42 days in Montgomery County. In Chester County, the DOM average was 45 days, and in Bucks County, the DOM average was 47 days. Delaware County experienced a DOM average of 50 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.