Median sale prices continued to climb in much of the Philadelphia region in October, according to Long & Foster’s Market Minute report. In Philadelphia County, the median sale price increased by 9 percent, followed by a 7 percent increase in Delaware County. The number of homes sold rose by 8 percent in Montgomery County and by 1 percent in Philadelphia County. Homes sold quickly throughout the area, with days on market averages ranging from 40 days in Philadelphia County to 46 days in Delaware County.
“Low housing inventory has been an issue nationwide this year, and while we’re starting to see those decreases wane in some markets, that’s not the case in the Philadelphia region,” said Gary Scott, president of Long & Foster Real Estate. “Buyers and sellers should keep in mind that every neighborhood has its own set of market conditions, which is why it’s important to work with an experienced real estate agent.”
Working with a Long & Foster agent, home buyers gain access to the company’s expansive network of over 10,000 agents, who are not limited to what’s currently on the market for sale. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes being sold privately by Long & Foster associates.
“Interest rates are going to continue to creep up, which tends to be a motivator for many who are buying a home and can stimulate sales,” Scott said. “Those considering selling may benefit from having a pool of buyers who are serious about purchasing a home.”
Consultants from Prosperity Home Mortgage are located in almost every Long & Foster office, and they can help buyers with all their financing needs. As mortgage rates increase, the cost of homeownership grows, so it’s important that those shopping for a home meet with a mortgage consultant who can help them get pre-approved and lock in at current rates, Scott said.
“Despite October being a slow month for real estate, year-to-date the market is still close to our projections,” Scott said. “However, there’s so much information about the real estate market available and much of that can be inconsistent, so it’s critical that consumers have a professional real estate agent help them navigate and understand the market.”
Disclaimer: Information included in this report is based on data supplied by TREND multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.