3 Things You Need to Know about the Philadelphia Real Estate Market Right Now

 
  1. We’re Seeing a Record Low Amount of Inventory in Philadelphia

Take a look at the graphics below - it truly says it all. There is currently about half the amount of inventory on the market in Philadelphia compared to last year at this time. This is why we're seeing an extreme seller's market. Having an experienced real estate agent is essential to navigate this market.⁠ ⁠

What we're seeing as a result of this:⁠

  • Multiple offer situations⁠

  • Offers over asking price⁠

  • Waiving contingencies like inspections⁠ ⁠

Key takeaways:⁠

  • If you're thinking about selling, now is the time⁠

  • We know this is frustrating for buyers, but it's still possible to purchase the home of your dreams with the right agent helping you⁠

 
 

Source: Bright MLS

 

Homes For Sale in Philadelphia:

 

2. Home Prices are Expected to Continue Appreciating over the Next 5 Years


Pulsenomics just released their Home Price Expectation Survey. A group of more than 100 economists, real estate expects and investment and market strategists across the nation made up this panel. The results showed that home prices will continue to appreciate over the next five years. Here are the appreciation projections broken down by year:

  • 2022: 9%

  • 2023: 4.74%

  • 2024: 3.67%

  • 2025: 3.41%

  • 2026: 3.57%:

 
 

Investment Properties for Sale:

 

3. Q1 2022 Just Came to a Close, Here’s How the Numbers Shaped Up


Let’s take a look at the market report for January through March of 2022 compared to Q1 of 2021. See the numbers below for units listed, units pended, units sold, average days on the market, average sales price and the months of inventory.

Source: Bright MLS

 

Source: Bright MLS

 

Source: Bright MLS

Available New Listings:

 

If you’re interested in buying or selling in the Greater Philadelphia area, please contact us. We can help you navigate the market and find your dream home!


Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

604 S Washington Square, Philadelphia, PA

venturephilly.com


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