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 January 2022

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

$274,468

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2022

-$2,331(-0.8%)

Key Takeaway

Homes in Philadelphia have sold for 0.8% less than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJan 2022Jan 2023%
1 $278K$280K
+0.7%
2 $281.8K$274.9K
-2.5%
3 $259.9K$255.8K
-1.6%
4 $360K$350K
-2.8%
5+ $435K$388K
-10.8%

Median Sold Price Compared To Nearby Cities

Upper Darby
+13.0%
Cheltenham Township
+2.9%
Philadelphia
-0.8%

How many homes are available in Philadelphia, PA?

Number of Homes For Sale

Dec 2022Jan 2023%
9,4029,707+3.2%

Homes For Sale By Bedroom Count

# BEDSDec 2022Jan 2023%
1 381402
+5.5%
2 1,5601,642
+5.3%
3 5,5185,673
+2.8%
4 1,3811,410
+2.1%
5+ 562580
+3.2%

Number of Homes Sold

Dec 2022Jan 2023%
959760-20.8%

Asking Price vs. Sold Price

487 Homes Were Sold
Under Asking

161 Homes Were Sold
At Asking

112 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. 64.1% of homes here sold below asking price last month.

Average Sale Time

Jan 2022Jan 2023%
40 Days51 Days+27.0%

Breakdown of Home Sale Times

333 Homes Were Sold
Under 30 Days

306 Homes Were Sold
In 30 - 90 Days

121 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

Philadelphia, PA has 9,707 homes on the market. The number of homes for sale in Philadelphia, PA increased by 3.2% between December 2022 and January 2023. Listings spent 51 days on the market in January 2023, and had a median list price of $274,468 during the same period. Between December 2022 and January 2023, listing prices of homes in this real estate market have seen the following changes: the cost of 1 bedroom properties went up by 0.7%, 2 bedrooms properties prices decreased by 2.5%, 3 bedrooms properties became 1.6% more cheaper, prices of 4 bedrooms properties went down by 2.8%, the cost of 5 bedrooms properties went down by 10.8%. The following changes in the number of homes for sale were observed in this housing market: 1 bedroom homes inventory increased by 5.5%, number of 2 bedrooms homes increased by 5.3%, volume of 3 bedrooms homes went up by 2.8%, number of 4 bedrooms homes increased by 2.1%, 5 bedrooms homes became 3.2% more available. Over 112 listings were sold over their listed price in January 2023 in Philadelphia, PA. In the same period over 487 listings were sold below the listed price and 161 listings were sold for the listed price.

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