Is West 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, West Philadelphia was a Seller's Market.
Key Takeaway
West Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in West Philadelphia, PA
How much do homes in West Philadelphia, PA cost?
Median Sold Price
$175,119
$131/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in West Philadelphia have sold for 6.7% less than they did a year ago.
Summary: The median home sold price in West Philadelphia was $175,119 in May 2024, down 6.7% from last year, and the median price per square foot was $131.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $140.5K | $150K | +6.8% |
| 2 Bedrooms | $149.9K | $130K | -13.3% |
| 3 Bedrooms | $175K | $155.7K | -11.0% |
| 4 Bedrooms | $224K | $235K | +4.9% |
| 5+ Bedrooms | $393K | $405K | +3.1% |
Summary: West Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes decreased by 13.3%, 3 bedroom homes decreased by 11%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 3.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Cobbs Creek | $150K | $155K | +3.3% |
| West Philadelphia | $187.6K | $175.1K | -6.7% |
| Haddington | $130.5K | $115K | -11.9% |
| Carroll Park | $140K | $110K | -21.4% |
Housing Supply in West Philadelphia, PA
How many homes are available in West Philadelphia, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 660 | 729 | +10.5% |
Summary: The West Philadelphia real estate market had 729 homes for sale in May 2024, a 10.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 9 | +50.0% |
| 2 Bedrooms | 51 | 54 | +5.9% |
| 3 Bedrooms | 399 | 432 | +8.3% |
| 4 Bedrooms | 131 | 141 | +7.6% |
| 5+ Bedrooms | 73 | 93 | +27.4% |
Summary: The West Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 27.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 96 | 76 | -20.8% |
Asking Price vs. Sold Price
36 Homes Were Sold
Under Asking
25 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Philadelphia, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.
Summary: A total of 76 homes were sold or pending in West Philadelphia in May 2024, down by 20.8% month-over-month. Of the 76 sold homes, 47% were sold under asking, 33% were sold at asking, and 20% were sold over asking.
Days on Market for West Philadelphia, PA
How long does it take to sell a home in West Philadelphia, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 53 Days | +2.6% |
Summary: Homes in West Philadelphia had an average of 53 days on market in May 2024, up by 2.6% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 76 homes were sold in West Philadelphia; 59% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
