Is Far Northeast Philadelphia, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Far Northeast Philadelphia is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Far Northeast Philadelphia has remained a Seller's Market.

Key Takeaway

Far Northeast Philadelphia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Far Northeast Philadelphia, PA

How much do homes in Far Northeast Philadelphia, PA cost?

Median Sold Price

$330,000

$231/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,033(+4.8%)

Key Takeaway

Homes in Far Northeast Philadelphia have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in Far Northeast Philadelphia was $330,000 in November 2024, up 4.8% from last year, and the median price per square foot was $231.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $214.9K$190K
-11.6%
2 $249K$265K
+6.4%
3 $315.5K$335K
+6.2%
4 $410K$413K
+0.7%
5+ $480K$515K
+7.3%

Summary: Far Northeast Philadelphia housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.6%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes increased by 7.3%.

Median Sold Price Compared To Nearby Neighborhoods

Academy Gardens
+7.5%
Modena Park
+5.0%
Far Northeast Philadelphia
+4.8%
Morrell Park
+4.2%

Housing Supply in Far Northeast Philadelphia, PA

How many homes are available in Far Northeast Philadelphia, PA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
379341-10.0%

Summary: The Far Northeast Philadelphia real estate market had 341 homes for sale in November 2024, a 10.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1711
-35.3%
2 6260
-3.2%
3 239207
-13.4%
4 5753
-7.0%
5+ 410
+150.0%

Summary: The Far Northeast Philadelphia housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 35.3%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes decreased by 13.4%, 4 bedroom homes decreased by 7%, and 5+ bedroom homes increased by 150%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
11384-25.7%

Asking Price vs. Sold Price

42 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Far Northeast Philadelphia, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 84 homes were sold or pending in Far Northeast Philadelphia in November 2024, down by 25.7% month-over-month. Of the 84 sold homes, 50% were sold under asking, 15% were sold at asking, and 35% were sold over asking.

Days on Market for Far Northeast Philadelphia, PA

How long does it take to sell a home in Far Northeast Philadelphia, PA?

Average Sale Time

Nov 2023Nov 2024CHANGE
26 Days28 Days+8.4%

Summary: Homes in Far Northeast Philadelphia had an average of 28 days on market in Nov 2024, up by 8.4% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Far Northeast Philadelphia are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 84 homes were sold in Far Northeast Philadelphia; 77% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 23 Days Ago

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Nearby Markets to Far Northeast Philadelphia, PA

MLS Disclaimers and Copyright

Based on information from BrightMLS for the period 12/01/2022 - 12/01/2024

IDX Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.

The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. This home sale information is not to be construed as an appraisal and may not be used as such for any purpose.

BRIGHT MLS is the (or a) provider of this home sale information and has compiled content from various sources. Some properties represented may not have actually sold due to reporting errors. ©2024 BrightMLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 12/23/2024, 9:20:57 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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