Is Elmwood, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Elmwood was a Seller's Market.
Key Takeaway
Elmwood is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elmwood, PA
How much do homes in Elmwood, PA cost?
Median Sold Price
$138,700
$122/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elmwood have sold for 7.5% less than they did a year ago.
Summary: The median home sold price in Elmwood was $138,700 in May 2024, down 7.5% from last year, and the median price per square foot was $122.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $124.6K | $80K | -35.8% |
| 3 Bedrooms | $140K | $135K | -3.6% |
| 4 Bedrooms | $187.5K | $163.5K | -12.8% |
| 5+ Bedrooms | $197K | $220K | +11.7% |
Summary: Elmwood 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 decreased by 35.8%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes decreased by 12.8%, and 5+ bedroom homes increased by 11.7%.
Median Sold Price Compared To Nearby Neighborhoods
| Mount Moriah | $96K | $104.7K | +9.1% |
| Southwest Philadelphia | $143K | $137.7K | -3.7% |
| Elmwood | $150K | $138.7K | -7.5% |
Housing Supply in Elmwood, PA
How many homes are available in Elmwood, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 92 | +8.2% |
Summary: The Elmwood real estate market had 92 homes for sale in May 2024, a 8.2% 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 | 7 | 7 | 0.0% |
| 3 Bedrooms | 70 | 77 | +10.0% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Elmwood 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 10%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 4 | -66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elmwood, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Elmwood in May 2024, down by 66.7% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Elmwood, PA
How long does it take to sell a home in Elmwood, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 46 Days | -7.7% |
Summary: Homes in Elmwood had an average of 46 days on market in May 2024, down by 7.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elmwood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Elmwood; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
