Is Philadelphia, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Philadelphia has remained a Seller's Market.
Key Takeaway
Philadelphia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Philadelphia, NY
How much do homes in Philadelphia, NY cost?
Median Sold Price
$196,000
$87/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Philadelphia have sold for 3.9% less than they did a year ago.
Summary: The median home sold price in Philadelphia was $196,000 in May 2024, down 3.9% from last year, and the median price per square foot was $87.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $265K | N/A |
| 2 Bedrooms | $120K | $141K | +17.5% |
| 3 Bedrooms | $180K | $200K | +11.1% |
| 4 Bedrooms | $258K | $140K | -45.7% |
| 5+ Bedrooms | $399K | $196K | -50.9% |
Summary: Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 45.7%, and 5+ bedroom homes decreased by 50.9%.
Housing Supply in Philadelphia, NY
How many homes are available in Philadelphia, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 6 | +20.0% |
Summary: The Philadelphia real estate market had 6 homes for sale in May 2024, a 20.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 1 | 2 | +100.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 0 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Philadelphia, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Philadelphia in May 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Philadelphia, NY
How long does it take to sell a home in Philadelphia, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 7 Days | -82.1% |
Summary: Homes in Philadelphia had an average of 7 days on market in May 2024, down by 82.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Philadelphia; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
