Is Philadelphia County, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Philadelphia County has remained a Buyer's Market.
Key Takeaway
Philadelphia County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Philadelphia County, PA
How much do homes in Philadelphia County, PA cost?
Median Sold Price
$257,569
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Philadelphia County have sold for 5.4% less than they did a year ago.
Summary: The median home sold price in Philadelphia County was $257,569 in March 2024, down 5.4% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $278.6K | $275K | -1.3% |
| 2 Bedrooms | $275K | $250K | -9.1% |
| 3 Bedrooms | $250.1K | $239.3K | -4.3% |
| 4 Bedrooms | $354.7K | $333.7K | -5.9% |
| 5+ Bedrooms | $395K | $375.1K | -5.0% |
Summary: Philadelphia County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Counties
| Gloucester County | $290.6K | $315K | +8.4% |
| Camden County | $284.9K | $308.5K | +8.3% |
| Delaware County | $319.2K | $331.8K | +3.9% |
| Montgomery County | $408.5K | $424.4K | +3.9% |
| Philadelphia County | $272.2K | $257.5K | -5.4% |
Housing Supply in Philadelphia County, PA
How many homes are available in Philadelphia County, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14,660 | 15,337 | +4.6% |
Summary: The Philadelphia County real estate market had 15,337 homes for sale in March 2024, a 4.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 560 | 619 | +10.5% |
| 2 Bedrooms | 2,574 | 2,757 | +7.1% |
| 3 Bedrooms | 8,261 | 8,567 | +3.7% |
| 4 Bedrooms | 2,313 | 2,421 | +4.7% |
| 5+ Bedrooms | 952 | 973 | +2.2% |
Summary: The Philadelphia County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 2.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 843 | 923 | +9.5% |
Asking Price vs. Sold Price
481 Homes Were Sold
Under Asking
214 Homes Were Sold
At Asking
228 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Philadelphia County, you may be able to get a good deal. 52.1% of homes here sold below asking price last month.
Summary: A total of 923 homes were sold or pending in Philadelphia County in March 2024, up by 9.5% month-over-month. Of the 923 sold homes, 52% were sold under asking, 23% were sold at asking, and 25% were sold over asking.
Days on Market for Philadelphia County, PA
How long does it take to sell a home in Philadelphia County, PA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 56 Days | 54 Days | -4.8% |
Summary: Homes in Philadelphia County had an average of 54 days on market in Mar 2024, down by 4.8% compared to last year.
Breakdown of Home Sale Times
502 Homes Were Sold
Under 30 Days
235 Homes Were Sold
In 30 - 90 Days
186 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Philadelphia County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 923 homes were sold in Philadelphia County; 54% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
