$711 Closing Credit*
$59,900
1,128 SqFt
3 Beds
•1 Full Bath
Derek J. Greene, Listing Office: The Greene Realty Group
Is Southwest Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Southwest Philadelphia has remained a Buyer's Market.
Key Takeaway
Southwest Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Southwest Philadelphia, PA
How much do homes in Southwest Philadelphia, PA cost?
Median Sold Price
$145,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$5,000(-3.3%)
Key Takeaway
Homes in Southwest Philadelphia have sold for 3.3% less than they did a year ago.
Summary: The median home sold price in Southwest Philadelphia was $145,000 in October 2024, down 3.3% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $46K | N/A |
| 2 Bedrooms | $96K | $110K | +14.6% |
| 3 Bedrooms | $143.8K | $138.1K | -4.0% |
| 4 Bedrooms | $185K | $190K | +2.7% |
| 5+ Bedrooms | $220K | $277.5K | +26.1% |
Summary: Southwest Philadelphia housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.6%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 26.1%.
Housing Supply in Southwest Philadelphia, PA
How many homes are available in Southwest Philadelphia, PA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 253 | 281 | +11.1% |
Summary: The Southwest Philadelphia real estate market had 281 homes for sale in October 2024, a 11.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 28 | 29 | +3.6% |
| 3 Bedrooms | 183 | 206 | +12.6% |
| 4 Bedrooms | 31 | 35 | +12.9% |
| 5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Southwest Philadelphia housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 44 | 38 | -13.6% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest Philadelphia, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Southwest Philadelphia in October 2024, down by 13.6% month-over-month. Of the 38 sold homes, 50% were sold under asking, 21% were sold at asking, and 29% were sold over asking.
Days on Market for Southwest Philadelphia, PA
How long does it take to sell a home in Southwest Philadelphia, PA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 64 Days | 35 Days | -44.7% |
Summary: Homes in Southwest Philadelphia had an average of 35 days on market in Oct 2024, down by 44.7% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southwest Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 38 homes were sold in Southwest Philadelphia; 74% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
