Is Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Philadelphia was a Seller's Market.
Key Takeaway
Philadelphia is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Philadelphia, PA
How much do homes in Philadelphia, PA cost?
Median Sold Price
$258,887
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Philadelphia have sold for 0.5% less than they did a year ago.
Summary: The median home sold price in Philadelphia was $258,887 in June 2024, down 0.5% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $272.6K | $270K | -1.0% |
| 2 Bedrooms | $259.9K | $258.4K | -0.6% |
| 3 Bedrooms | $240.2K | $239.4K | -0.3% |
| 4 Bedrooms | $345.2K | $333.3K | -3.4% |
| 5+ Bedrooms | $376.6K | $387.2K | +2.8% |
Summary: Philadelphia housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes decreased by 0.3%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes increased by 2.8%.
Median Sold Price Compared To Nearby Cities
| Camden | $99.9K | $130K | +30.1% |
| Cheltenham Township | $376.5K | $408.5K | +8.5% |
| Upper Darby | $175K | $180K | +2.9% |
| Philadelphia | $260.1K | $258.8K | -0.5% |
Housing Supply in Philadelphia, PA
How many homes are available in Philadelphia, PA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 6,732 | 6,723 | -0.1% |
Summary: The Philadelphia real estate market had 6,723 homes for sale in June 2024, a 0.1% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 332 | 319 | -3.9% |
| 2 Bedrooms | 1,262 | 1,287 | +2.0% |
| 3 Bedrooms | 3,681 | 3,658 | -0.6% |
| 4 Bedrooms | 1,055 | 1,027 | -2.7% |
| 5+ Bedrooms | 402 | 432 | +7.5% |
Summary: The Philadelphia housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3.9%, 2 bedroom homes increased by 2%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 7.5%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,432 | 1,043 | -27.2% |
Asking Price vs. Sold Price
518 Homes Were Sold
Under Asking
232 Homes Were Sold
At Asking
293 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Philadelphia, you may be able to get a good deal. 49.7% of homes here sold below asking price last month.
Summary: A total of 1,043 homes were sold or pending in Philadelphia in June 2024, down by 27.2% month-over-month. Of the 1,043 sold homes, 50% were sold under asking, 22% were sold at asking, and 28% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 40 Days | 38 Days | -6.1% |
Summary: Homes in Philadelphia had an average of 38 days on market in Jun 2024, down by 6.1% compared to last year.
Breakdown of Home Sale Times
682 Homes Were Sold
Under 30 Days
248 Homes Were Sold
In 30 - 90 Days
113 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 1043 homes were sold in Philadelphia; 65% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
