Philadelphia Housing Market: September 2024 Analysis
The Philadelphia, PA metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $275,000, reflecting a significant year-over-year decline of 8.3%. This drop indicates a cooling in the market, potentially offering opportunities for buyers seeking more affordable options.
Conversely, the Median List Price has risen to $293,000, marking a 6.5% increase from the previous year. This divergence between sales and list prices suggests that sellers are optimistic about the market's potential, despite the downward trend in actual sales prices. The median Price Per Square Foot has seen a slight decrease of 0.1%, now standing at $197.44, while the list Price Per Square Foot has increased by 3.4% to $209.56.
In terms of sales activity, the number of Homes Sold has decreased by 2.8% year-over-year, totaling 1,590 units. Pending Sales have remained relatively stable with a marginal increase of 0.1%, reaching 1,791 units. New Listings have decreased by 3.9%, with 2,360 properties entering the market, while inventory has seen a slight reduction of 1.3%, now at 5,841 homes.
The Months of Supply have increased by 10.0% to 3.7 months, indicating a shift towards a more balanced market. The Median Days on Market have risen by 5.0% to 41 days, suggesting that homes are taking longer to sell compared to the previous year.
The average sale to list ratio remains steady at 98.0%, with no significant year-over-year change. The percentage of Homes Sold above list price has slightly decreased by 0.5% to 29.1%. Price Drops have become more common, with a 2.8% increase, now affecting 32.6% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.0% to 40.9%.
Overall, the Philadelphia housing market in September 2024 reflects a mix of declining sales prices and increasing list prices, with a slight cooling in sales activity and inventory levels. Buyers may find more negotiating power, while sellers may need to adjust expectations in response to the evolving market dynamics.
