Is South Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, South Philadelphia was a Seller's Market.
Key Takeaway
South 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 South Philadelphia, PA
How much do homes in South Philadelphia, PA cost?
Median Sold Price
$340,513
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Philadelphia have sold for 1.7% less than they did a year ago.
Summary: The median home sold price in South Philadelphia was $340,513 in April 2024, down 1.7% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $290K | $302.5K | +4.3% |
| 2 Bedrooms | $305K | $289.3K | -5.1% |
| 3 Bedrooms | $350.3K | $331.3K | -5.4% |
| 4 Bedrooms | $540K | $526.6K | -2.5% |
| 5+ Bedrooms | $420K | $500K | +19.0% |
Summary: South Philadelphia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes decreased by 5.1%, 3 bedroom homes decreased by 5.4%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes increased by 19%.
Median Sold Price Compared To Nearby Neighborhoods
| Marconi Plaza | $267.5K | $297.5K | +11.2% |
| South Philadelphia | $346.4K | $340.5K | -1.7% |
| Whitman | $275K | $265K | -3.6% |
| East Oregon | $260K | $247.7K | -4.7% |
Housing Supply in South Philadelphia, PA
How many homes are available in South Philadelphia, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1,051 | 1,153 | +9.7% |
Summary: The South Philadelphia real estate market had 1,153 homes for sale in April 2024, a 9.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 33 | +32.0% |
| 2 Bedrooms | 282 | 325 | +15.2% |
| 3 Bedrooms | 562 | 600 | +6.8% |
| 4 Bedrooms | 149 | 149 | 0.0% |
| 5+ Bedrooms | 33 | 46 | +39.4% |
Summary: The South Philadelphia housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 32%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 6.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 39.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 208 | 169 | -18.8% |
Asking Price vs. Sold Price
110 Homes Were Sold
Under Asking
29 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Philadelphia, you may be able to get a good deal. 65.1% of homes here sold below asking price last month.
Summary: A total of 169 homes were sold or pending in South Philadelphia in April 2024, down by 18.8% month-over-month. Of the 169 sold homes, 65% were sold under asking, 17% were sold at asking, and 18% were sold over asking.
Days on Market for South Philadelphia, PA
How long does it take to sell a home in South Philadelphia, PA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 60 Days | 60 Days | -0.4% |
Summary: Homes in South Philadelphia had an average of 60 days on market in Apr 2024, down by 0.4% compared to last year.
Breakdown of Home Sale Times
105 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
38 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 169 homes were sold in South Philadelphia; 62% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
