Is 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, Philadelphia was a Seller's Market.
Housing Prices in Philadelphia, PA
How much do homes in Philadelphia, PA cost?
Median Sold Price
$258,806
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Philadelphia was $258,806 in April 2024, down 4% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $275K | $275K | 0.0% |
2 Bedrooms | $270K | $250.7K | -7.2% |
3 Bedrooms | $249.9K | $239.4K | -4.2% |
4 Bedrooms | $354K | $334.1K | -5.6% |
5+ Bedrooms | $390K | $375.6K | -3.7% |
Summary: Philadelphia housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 7.2%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes decreased by 3.7%.
Median Sold Price Compared To Nearby Cities
Camden | $98K | $125K | +27.6% |
Cheltenham Township | $371.9K | $390K | +4.8% |
Upper Darby | $175K | $180K | +2.9% |
Philadelphia | $269.6K | $258.8K | -4.0% |
Housing Supply in Philadelphia, PA
How many homes are available in Philadelphia, PA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
6,110 | 6,711 | +9.8% |
Summary: The Philadelphia real estate market had 6,711 homes for sale in April 2024, a 9.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 310 | 349 | +12.6% |
2 Bedrooms | 1,153 | 1,280 | +11.0% |
3 Bedrooms | 3,359 | 3,607 | +7.4% |
4 Bedrooms | 938 | 1,087 | +15.9% |
5+ Bedrooms | 350 | 388 | +10.9% |
Summary: The Philadelphia housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes increased by 10.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,093 | 960 | -12.2% |
Asking Price vs. Sold Price
502 Homes Were Sold
Under Asking
216 Homes Were Sold
At Asking
242 Homes Were Sold
Over Asking
Summary: A total of 960 homes were sold or pending in Philadelphia in April 2024, down by 12.2% month-over-month. Of the 960 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
51 Days | 50 Days | -2.6% |
Summary: Homes in Philadelphia had an average of 50 days on market in Apr 2024, down by 2.6% compared to last year.
Breakdown of Home Sale Times
591 Homes Were Sold
Under 30 Days
193 Homes Were Sold
In 30 - 90 Days
176 Homes Were Sold
Over 90 Days
Summary: During April 2024, 960 homes were sold in Philadelphia; 62% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.