Is South 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, South Philadelphia was a Seller's Market.
Housing Prices in South Philadelphia, PA
How much do homes in South Philadelphia, PA cost?
Median Sold Price
$339,688
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Philadelphia was $339,688 in May 2024, down 2.2% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $279.9K | $310K | +10.7% |
2 Bedrooms | $300K | $289.3K | -3.6% |
3 Bedrooms | $350.6K | $328.5K | -6.3% |
4 Bedrooms | $540K | $545K | +0.9% |
5+ Bedrooms | $475K | $500K | +5.3% |
Summary: South Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 5.3%.
Median Sold Price Compared To Nearby Neighborhoods
Marconi Plaza | $280K | $285K | +1.8% |
South Philadelphia | $347.2K | $339.6K | -2.2% |
East Oregon | $260K | $245K | -5.8% |
Whitman | $279.9K | $261K | -6.8% |
Packer Park | $505K | $470K | -6.9% |
Housing Supply in South Philadelphia, PA
How many homes are available in South Philadelphia, PA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,173 | 1,255 | +7.0% |
Summary: The South Philadelphia real estate market had 1,255 homes for sale in May 2024, a 7.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 34 | 38 | +11.8% |
2 Bedrooms | 327 | 348 | +6.4% |
3 Bedrooms | 608 | 645 | +6.1% |
4 Bedrooms | 156 | 180 | +15.4% |
5+ Bedrooms | 48 | 44 | -8.3% |
Summary: The South Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes decreased by 8.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
177 | 151 | -14.7% |
Asking Price vs. Sold Price
74 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Summary: A total of 151 homes were sold or pending in South Philadelphia in May 2024, down by 14.7% month-over-month. Of the 151 sold homes, 49% were sold under asking, 20% were sold at asking, and 31% were sold over asking.
Days on Market for South Philadelphia, PA
How long does it take to sell a home in South Philadelphia, PA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
59 Days | 40 Days | -31.8% |
Summary: Homes in South Philadelphia had an average of 40 days on market in May 2024, down by 31.8% compared to last year.
Breakdown of Home Sale Times
97 Homes Were Sold
Under 30 Days
34 Homes Were Sold
In 30 - 90 Days
20 Homes Were Sold
Over 90 Days
Summary: During May 2024, 151 homes were sold in South Philadelphia; 64% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.