Smart Philly homeowners want to know the score before they decide, “I want to sell my house.” Understanding the market can mean the difference between simply offloading your home and getting the best deal possible. Educated sellers can contribute significantly to the sales process by acting as team players with their real estate agents.
If you’re planning to sell your home, it pays to ask the important questions and have the market data at your fingertips.
If I decide to sell my house, how long can I expect it to be on the market?
Due to a 24 percent decline in inventory, that is, the number of homes for sale, compared to last year, Philadelphia home sales moved fairly quickly in 2017. Overall, Philadelphia homes they sold in an average of 98 days last year, about two weeks faster. than the previous year. The rapid response is a trend that is expected to continue, perhaps even accelerate, as long as the supply of homes for sale remains limited.
What is the median sale price of homes in Philadelphia?
Because December 2017 continued to see a huge seller’s market in Philadelphia, home values increased 9.1 percent in the last year alone. Experts predict that this trend will continue next year. Right now, homes in the city are selling for an average of $145 per square foot, with a median closing price of about $180,000. This represents an average of 97.2 percent of list price and an all-time high for homes in the City of Brotherly Love.
How many houses were sold in Philadelphia in the last few months?
According to Realtor.com, some 12,776 homes have been sold in Philadelphia in recent months. Long & Foster’s Market Minute indicates that 1,309 homes were sold in Philadelphia County in December 2017 alone, a 3 percent decrease from last year directly attributable to a 24 percent decline in the number of homes listed.
What are the current trends in the Philadelphia real estate market?
The Philadelphia housing market continues to be a strong market for sellers. Real estate is trending up and is expected to be for the foreseeable future. Construction has skyrocketed in emerging neighborhoods, increasing demand in those areas. Experts predict a 5 to 6 percent year-over-year increase in median sales prices as new listings decline and demand continues to rise. In other words, the market is and will continue to be attractive to sellers and very competitive from a buyer’s point of view.
