Is Philadelphia, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Philadelphia is a buyer's market

Buyer's
Market

Difference Since December 2021

At the same time last year, Philadelphia was a Seller's Market.

Key Takeaway

Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

How much do homes in Philadelphia, PA cost?

Median Sold Price

$274,972

$206/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2021

-$1,278(-0.5%)

Key Takeaway

The sold price of homes in Philadelphia has remained the same since last year.

Median Sold Price By Bedroom Count

# BEDSDec 2021Dec 2022%
1 $277.6K$280K
+0.9%
2 $280.5K$274.9K
-2.0%
3 $260K$257.7K
-0.9%
4 $358.8K$350.6K
-2.3%
5+ $445K$389.2K
-12.5%

Median Sold Price Compared To Nearby Cities

Upper Darby
+13.0%
Cheltenham Township
+3.5%
Philadelphia
-0.5%

How many homes are available in Philadelphia, PA?

Number of Homes For Sale

Nov 2022Dec 2022%
9,4589,175-3.0%

Homes For Sale By Bedroom Count

# BEDSNov 2022Dec 2022%
1 364357
-1.9%
2 1,5781,535
-2.7%
3 5,5835,380
-3.6%
4 1,3801,351
-2.1%
5+ 553552
-0.2%

Number of Homes Sold

Nov 2022Dec 2022%
1,002895-10.7%

Asking Price vs. Sold Price

528 Homes Were Sold
Under Asking

215 Homes Were Sold
At Asking

152 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Philadelphia, you may be able to get a good deal. 59% of homes here sold below asking price last month.

Average Sale Time

Dec 2021Dec 2022%
36 Days46 Days+28.4%

Breakdown of Home Sale Times

466 Homes Were Sold
Under 30 Days

288 Homes Were Sold
In 30 - 90 Days

141 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Philadelphia are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Philadelphia, PA

Number of homes for sale in Philadelphia, PA real estate market have reached 9,175. The inventory of homes for sale in Philadelphia, PA between November 2022 and December 2022 decreased by 3%. In December 2022 median list price was $274,972 and the average listing age was 46 days. Real estate listing prices changed between November 2022 and December 2022: 1 bedroom properties prices increased by 0.9%, prices of 2 bedrooms properties decreased by 2%, 3 bedrooms properties prices decreased by 0.9%, 4 bedrooms properties prices decreased by 2.3%, the cost of 5 bedrooms properties went down by 12.5%. Volume of homes for sale changed: the quantity of 1 bedroom homes went down by 1.9%, 2 bedrooms homes became 2.7% less available, volume of 3 bedrooms homes went down by 3.6%, number of 4 bedrooms homes decreased by 2.1%, 5 bedrooms homes became 0.2% less available. In December 2022, from all listings sold in Philadelphia, PA there were more than 152 sold above asking price, over 528 sold below and more than 215 were sold right at the asked price.

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