6 Reasons Why The Philly Market Is Incredibly Strong in 2020

Philadelphia’s real estate market is incredibly strong right now, with increases in home sales, an improved stock market, and manageable mortgage rates — keep reading to walk away knowing 6 reasons why the Philadelphia Real Estate market is incredibly strong in 2020.


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1. Mortgage Rates Declining

In July, the average mortgage rates dropped to 3.03% for 30-year fixed rates, stimulating home sales, refinancing, and more!

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2. Consumer Sentiment Increasing

Consumer sentiment, an economic indicator that measures consumer optimism about finances and economics, has increased for the Real Estate market! From May’s low of 72.3 to June’s 78.1, consumer sentiment for the Real Estate market is increasing steadily!

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3. New Listings

Compared to last year, the Real Estate market has seen a 22% increase in new listing volume, and an increase of over 27% in market activity. Even though active listings have gone down about 10% compared to July 2019, the 2020 market is still going strong!

4. Selling Faster

While the median sale price of homes as increased slightly in the past month, the average number of days a home spends on the market has decreased by about 2 days, meaning homes are selling faster despite minor price increases.

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5. Stock Market Strength

The U.S. Stock Market has seen rising numbers in the past month, likely due to unemployment leveling out, and economic input as the potential for a COVID-19 vaccine becomes a reality. In June, 4.8 million jobs were introduced, and unemployment fell to 11.1%.

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6. Remote Working Increased

With the age of increased remote work upon us, home-buyers aren’t as worried about commuting to major cities for work, resulting in an increase of suburban home sales. The Philadelphia Main Line has seen a significant influx of new residents leaving the city to have access to more space and the outdoors!

The 2020 market is showing no signs of slowing down! Buyers are ready and waiting for new listings, so get your home on the market, and watch the offers come in! With the election cycle coming to a close in November, it is not abnormal to see a slight slowdown in home sales, but don’t be discouraged — it can’t hurt to get your home on the market!

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Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

1619 Walnut Street, Suite 500, Philadelphia, PA

venturephilly.com


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