The Real Estate Market in Philadelphia is an ever-changing landscape. Numerous factors contribute to the shifts in the market, making it difficult to predict what the trends will be. However, as a whole, the market is relatively stable and has seen positive growth in recent years.
Home prices are rising, and there are more buyers than ever before. If you're thinking of buying a home in Philadelphia, now is the time to do it. In this blog post, we'll look at the recent trends in the Philadelphia real estate market and what you can expect if you're considering buying a home here.
The Median Home Price in Philadelphia is on the Rise
Several months ago, an interesting trend took place in the real estate market of Philadelphia. Investment properties were sold at an all-time high, while first-time home buyers decreased. The movement was attributed to the rise in interest rates and inflation.
As a result of this trend, many experts predicted that the market would soon see a decrease in home prices. Some even went as far as to say that this would be the beginning of a "housing bubble."
However, these predictions have not come to fruition. Quite the opposite has occurred. The market has continued to see positive growth, with home prices steadily increasing.
According to recent data from Zillow, the median home price in Philadelphia has been rising for the past few years. In 2016, the median home price was $169,000. In 2019, it jumped up to $174,000. And as of July 2020, the median home price was $183,500. It is good news for sellers, as their homes will likely sell for more than they would have a few years ago.
The reason for this is two-fold. First, there has been an influx of new residents moving to Philadelphia. It is due to job opportunities and the city's increasing popularity as a tourist destination. Secondly, the number of investment buyers has decreased. It is most likely because interest rates have begun to stabilize.
There's More Competition for Houses Than There Used to Be
Another trend in the Philadelphia real estate market is more buyers than houses for sale. It has increased competition for places, which has increased prices even further. According to Realtor.com, the number of homes for sale in Philadelphia has decreased by 9% over the past year. At the same time, the number of buyers has increased by 13%. This trend is expected to continue as more people move to Philadelphia from other parts of the country.
Another factor driving the strong demand for housing in Philadelphia is population growth. According to the U.S. Census Bureau, the city's population increased by 1.4% between 2019 and 2020. This growth is driven by people moving to Philadelphia from other parts of the country and international migration. With more people living in the city, there is more demand for housing.
If you're considering buying a house in Philadelphia, you must be prepared for competition. Because of the strong demand for housing, homes sell quickly and sometimes even above the asking price. So, if you find a house you like, don't hesitate to make an offer. You may also want to consider enlisting the help of a real estate agent who can help you navigate the competitive landscape and find the right home for you.
If You're Thinking of Buying a Home in Philadelphia, Now is the Time to Do It!
All this data points to one thing: if you're considering buying a home in Philadelphia, now is the time to do it! Prices are rising; competition is heating up, so you'll need to act fast to get your dream home. But don't worry – our team of expert real estate agents will guide you through every step and help you find the perfect home for your needs.
There are many reasons why the real estate market in Philadelphia is so strong. One reason is that the city is home to many historical landmarks that attract tourists. The population is also growing, which is good news for the real estate market.
Overall, the real estate market in Philadelphia is healthy and growing. Despite some predictions to the contrary, home prices have steadily increased over the past few months. It can be attributed to an increase in new residents and a decrease in investment buyers.
