Is Philadelphia, 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 has remained a Buyer's Market.
Housing Prices in Philadelphia, PA
How much do homes in Philadelphia, PA cost?
Median Sold Price
$257,610
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Philadelphia was $257,610 in March 2024, down 5.3% 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 | $249.9K | -9.1% |
3 Bedrooms | $250.1K | $239.5K | -4.2% |
4 Bedrooms | $354.5K | $333.6K | -5.9% |
5+ Bedrooms | $396.5K | $375.3K | -5.3% |
Summary: Philadelphia 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 4.2%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes decreased by 5.3%.
Median Sold Price Compared To Nearby Cities
Camden | $97.8K | $115.1K | +17.7% |
Upper Darby | $175K | $179.9K | +2.8% |
Cheltenham Township | $376K | $380K | +1.1% |
Philadelphia | $272.1K | $257.6K | -5.3% |
Housing Supply in Philadelphia, PA
How many homes are available in Philadelphia, PA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
14,661 | 15,338 | +4.6% |
Summary: The Philadelphia real estate market had 15,338 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 | 953 | 974 | +2.2% |
Summary: The Philadelphia 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
Summary: A total of 923 homes were sold or pending in Philadelphia 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, PA
How long does it take to sell a home in Philadelphia, PA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
56 Days | 54 Days | -4.8% |
Summary: Homes in Philadelphia 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
Summary: During March 2024, 923 homes were sold in Philadelphia; 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.