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 April 2023

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.

Housing Prices in Philadelphia, PA

How much do homes in Philadelphia, PA cost?

Median Sold Price

$258,806

$196/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$10,887(-4.0%)

Key Takeaway

Homes in Philadelphia have sold for 4% less than they did a year ago.

Summary: The median home sold price in Philadelphia was $258,806 in April 2024, down 4% from last year, and the median price per square foot was $196.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $275K$275K
0.0%
2 $270K$250.7K
-7.2%
3 $249.9K$239.4K
-4.2%
4 $354K$334.1K
-5.6%
5+ $390K$375.6K
-3.7%

Summary: Philadelphia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.2%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes decreased by 3.7%.

Median Sold Price Compared To Nearby Cities

Camden
+27.6%
Cheltenham Township
+4.8%
Upper Darby
+2.9%
Philadelphia
-4.0%

Housing Supply in Philadelphia, PA

How many homes are available in Philadelphia, PA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
6,1106,711+9.8%

Summary: The Philadelphia real estate market had 6,711 homes for sale in April 2024, a 9.8% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 310349
+12.6%
2 1,1531,280
+11.0%
3 3,3593,607
+7.4%
4 9381,087
+15.9%
5+ 350388
+10.9%

Summary: The Philadelphia housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes increased by 10.9%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1,093960-12.2%

Asking Price vs. Sold Price

502 Homes Were Sold
Under Asking

216 Homes Were Sold
At Asking

242 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. 52.3% of homes here sold below asking price last month.

Summary: A total of 960 homes were sold or pending in Philadelphia in April 2024, down by 12.2% month-over-month. Of the 960 sold homes, 52% were sold under asking, 23% were sold at asking, and 25% were sold over asking.

Days on Market for Philadelphia, PA

How long does it take to sell a home in Philadelphia, PA?

Average Sale Time

Apr 2023Apr 2024CHANGE
51 Days50 Days-2.6%

Summary: Homes in Philadelphia had an average of 50 days on market in Apr 2024, down by 2.6% compared to last year.

Breakdown of Home Sale Times

591 Homes Were Sold
Under 30 Days

193 Homes Were Sold
In 30 - 90 Days

176 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.

Summary: During April 2024, 960 homes were sold in Philadelphia; 62% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.

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

Report Updated 19 Days Ago

Newest Listings in Philadelphia, PA

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