The Philadelphia real estate market experienced an increase in median sale prices in July, 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, the entire Philadelphia region saw median sale prices increase in July, with Philadelphia County experiencing a 12 percent increase. Delaware County experienced a 7 percent increase in median sale price. In Chester and Montgomery counties, the median sale price increased by 5 percent, and in Bucks County, the median sale price rose by 3 percent.
The number of homes sold varied in the Philadelphia region last month. In Delaware County, the number of homes sold increased by 6 percent, followed by Bucks County with an increase of 5 percent. Montgomery County experienced a 4 percent increase in the number of homes sold. Philadelphia County experienced a 1 percent decrease in home sales, and Chester County experienced a 4 percent decrease.
Levels of active inventory decreased throughout the region in July. Bucks County experienced a 25 percent decline, while active inventory fell by 24 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 July data, the days on market (DOM) average was 41 days in Chester County and 43 days in Philadelphia County. In Montgomery County, the DOM average was 44 days, and in Delaware County, the DOM average was 47 days. Bucks County experienced a DOM average of 56 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
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.