Smart Philadelphia homeowners want to know the score before they decide, “I want to sell my house.” Understanding the market can make all the difference between simply unloading your home or getting the best possible deal on it. Educated sellers are able to contribute significantly to the sales process, acting as team players with their realtors.
If you’re planning to sell your home, it pays to ask the important questions and have market data at your fingertips.
If I do decide to sell my house, how long can I expect it to be on the market?
Due to an 24 percent decrease in inventory-i.e., the number of homes for sale-compared to last year, Philadelphia home sales moved fairly quickly in 2017. Generally speaking, Philly houses sold in an average 98 days last year, about two weeks faster than the year before. Quick turnaround is a trend that’s expected to continue-perhaps even accelerate-as long as the supply of houses for sale remains limited.
What is the average selling price of houses in Philadelphia?
Because December 2017 continued to see a hot seller’s market in Philadelphia, home values have gone up-9.1 percent in the past year alone. Experts predict this trend will continue in the coming year. Right now, homes in the city sell for an average of $145 per square foot, for a median closing price of approximately $180,000. This represents an average 97.2 percent of the list price and an all-time high for homes in the City of Brotherly Love.
How many homes were sold in Philadelphia during 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 December 2017 alone saw 1,309 homes sold in Philadelphia County, a 3 percent decrease from last year directly attributable to the 24 percent decrease in the number of homes listed.
What are the current trends in the Philadelphia housing market?
The Philadelphia housing market continues to be a strong seller’s market. Real estate is trending upward and expected to do so for the foreseeable future. Construction has exploded in emerging neighborhoods, increasing demand in those areas. Experts predict between a 5 and 6 percent year-on-year surge in median sales prices as new listings continue to dwindle and demand continues to increase. In other words, the market is, and will continue to be, hot for sellers and very competitive from the buyer’s standpoint.