Is Lower North Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lower North Philadelphia was a Seller's Market.
Key Takeaway
Lower North Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower North Philadelphia, PA
How much do homes in Lower North Philadelphia, PA cost?
Median Sold Price
$369,126
$265/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lower North Philadelphia have sold for 1.9% less than they did a year ago.
Summary: The median home sold price in Lower North Philadelphia was $369,126 in May 2024, down 1.9% from last year, and the median price per square foot was $265.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280K | $282.5K | +0.9% |
| 2 Bedrooms | $367.5K | $375K | +2.0% |
| 3 Bedrooms | $434.1K | $424.5K | -2.2% |
| 4 Bedrooms | $480K | $415K | -13.5% |
| 5+ Bedrooms | $250K | $295K | +18.0% |
Summary: Lower North Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.9%, 2 bedroom homes increased by 2%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes decreased by 13.5%, and 5+ bedroom homes increased by 18%.
Median Sold Price Compared To Nearby Neighborhoods
| Poplar | $365K | $551.5K | +51.1% |
| Lower North Philadelphia | $376.1K | $369.1K | -1.9% |
Housing Supply in Lower North Philadelphia, PA
How many homes are available in Lower North Philadelphia, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 846 | 896 | +5.9% |
Summary: The Lower North Philadelphia real estate market had 896 homes for sale in May 2024, a 5.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 67 | 65 | -3.0% |
| 2 Bedrooms | 201 | 222 | +10.4% |
| 3 Bedrooms | 342 | 363 | +6.1% |
| 4 Bedrooms | 168 | 165 | -1.8% |
| 5+ Bedrooms | 68 | 81 | +19.1% |
Summary: The Lower North Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 19.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 105 | 89 | -15.2% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower North Philadelphia, you may be able to get a good deal. 55.1% of homes here sold below asking price last month.
Summary: A total of 89 homes were sold or pending in Lower North Philadelphia in May 2024, down by 15.2% month-over-month. Of the 89 sold homes, 55% were sold under asking, 20% were sold at asking, and 25% were sold over asking.
Days on Market for Lower North Philadelphia, PA
How long does it take to sell a home in Lower North Philadelphia, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 54 Days | 46 Days | -13.4% |
Summary: Homes in Lower North Philadelphia had an average of 46 days on market in May 2024, down by 13.4% compared to last year.
Breakdown of Home Sale Times
52 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lower North Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 89 homes were sold in Lower North Philadelphia; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
