Is West 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, West Philadelphia was a Seller's Market.
Key Takeaway
West Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in West Philadelphia, PA
How much do homes in West Philadelphia, PA cost?
Median Sold Price
$175,100
$131/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Philadelphia have sold for 6.9% less than they did a year ago.
Summary: The median home sold price in West Philadelphia was $175,100 in April 2024, down 6.9% from last year, and the median price per square foot was $131.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $138K | $150K | +8.7% |
| 2 Bedrooms | $150K | $125K | -16.7% |
| 3 Bedrooms | $177K | $154.7K | -12.6% |
| 4 Bedrooms | $220K | $237.5K | +8.0% |
| 5+ Bedrooms | $390K | $415K | +6.4% |
Summary: West Philadelphia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.7%, 2 bedroom homes decreased by 16.7%, 3 bedroom homes decreased by 12.6%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 6.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Cobbs Creek | $150K | $155K | +3.3% |
| West Philadelphia | $188K | $175.1K | -6.9% |
| Haddington | $128.9K | $119.4K | -7.4% |
| Carroll Park | $145K | $107.5K | -25.9% |
Housing Supply in West Philadelphia, PA
How many homes are available in West Philadelphia, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 589 | 646 | +9.7% |
Summary: The West Philadelphia real estate market had 646 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 | 7 | 5 | -28.6% |
| 2 Bedrooms | 45 | 48 | +6.7% |
| 3 Bedrooms | 352 | 391 | +11.1% |
| 4 Bedrooms | 116 | 132 | +13.8% |
| 5+ Bedrooms | 69 | 70 | +1.4% |
Summary: The West Philadelphia housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 28.6%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 1.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 99 | 90 | -9.1% |
Asking Price vs. Sold Price
48 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Philadelphia, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 90 homes were sold or pending in West Philadelphia in April 2024, down by 9.1% month-over-month. Of the 90 sold homes, 53% were sold under asking, 21% were sold at asking, and 26% were sold over asking.
Days on Market for West Philadelphia, PA
How long does it take to sell a home in West Philadelphia, PA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 55 Days | 43 Days | -21.9% |
Summary: Homes in West Philadelphia had an average of 43 days on market in Apr 2024, down by 21.9% compared to last year.
Breakdown of Home Sale Times
54 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 90 homes were sold in West Philadelphia; 60% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
