$49,900
0.01 Acres
Land
Michael Bottaro, Listing Office: Homestarr Realty
Is Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Philadelphia was a Seller's Market.
Key Takeaway
Philadelphia is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Philadelphia, PA
How much do homes in Philadelphia, PA cost?
Median Sold Price
$265,372
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$8,540(+3.3%)
Key Takeaway
Homes in Philadelphia have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Philadelphia was $265,372 in November 2024, up 3.3% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $269.7K | -1.9% |
| 2 Bedrooms | $250.1K | $269.9K | +7.9% |
| 3 Bedrooms | $239.1K | $244.9K | +2.4% |
| 4 Bedrooms | $336K | $337.2K | 0.4% |
| 5+ Bedrooms | $378.6K | $415K | +9.6% |
Summary: Philadelphia housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.9%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 9.6%.
Median Sold Price Compared To Nearby Cities
| Camden | $115K | $135.1K | +17.5% |
| Cheltenham Township | $375K | $431.2K | +15.0% |
| Upper Darby | $180K | $190K | +5.6% |
| Philadelphia | $256.8K | $265.3K | +3.3% |
Housing Supply in Philadelphia, PA
How many homes are available in Philadelphia, PA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6,328 | 6,444 | +1.8% |
Summary: The Philadelphia real estate market had 6,444 homes for sale in November 2024, a 1.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 297 | 291 | -2.0% |
| 2 Bedrooms | 1,127 | 1,180 | +4.7% |
| 3 Bedrooms | 3,511 | 3,562 | +1.5% |
| 4 Bedrooms | 991 | 995 | 0.4% |
| 5+ Bedrooms | 402 | 416 | +3.5% |
Summary: The Philadelphia housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 3.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 1,150 | 946 | -17.7% |
Asking Price vs. Sold Price
523 Homes Were Sold
Under Asking
204 Homes Were Sold
At Asking
219 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Philadelphia, you may be able to get a good deal. 55.3% of homes here sold below asking price last month.
Summary: A total of 946 homes were sold or pending in Philadelphia in November 2024, down by 17.7% month-over-month. Of the 946 sold homes, 55% were sold under asking, 22% were sold at asking, and 23% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 38 Days | 45 Days | +19.1% |
Summary: Homes in Philadelphia had an average of 45 days on market in Nov 2024, up by 19.1% compared to last year.
Breakdown of Home Sale Times
538 Homes Were Sold
Under 30 Days
264 Homes Were Sold
In 30 - 90 Days
144 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 November 2024, 946 homes were sold in Philadelphia; 57% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
