The results are in and the housing market in Philadelphia is still a seller’s market. According to a TREND report, less homes are being placed on the market each year, so sellers are listing their homes for more money. Take a closer look at the study, which shows stats from the fourth quarter 2017.
The chart above shows an overview of home sales in Philadelphia County during October, November, and December 2017. In comparison to the same time in 2016, home sale prices have gone up. That may be because the number of homes for sale have gone down.
This bar graph supports this trend, that over the last three years, homes being put up for sale have decreased; therefore, the prices of homes in Philadelphia are increasing.
This isn’t a new trend for the Philadelphia housing market. In fact, the median sales price for homes in Philadelphia have been steadily increasing since 2007, starting at about $130, 000 to almost $190,000.
The last two charts below show home sale trends for the ten hottest neighborhoods in Philadelphia.
Zip Code | Area | Median Sale Price | % of Original Price Received | Average Property Marketing Period | Closed Sales | ||||
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| Q4-2017 | 1-Yr Change | Q4-2017 | 1-Yr Change | Q4-2017 | 1-Yr Change | Q4-2017 | 1-Yr Change |
19102 | Center City | $720,000 | +23.1% | 92.2% | -3.6% | 183 | +74.3% | 25 | +56.3% |
19103 | Rittenhouse | $465,000 | -15.5% | 93.1% | -1.1% | 106 | +47.2% | 85 | +4.9% |
19106 | Society Hill/Old City | $400,000 | -2.7% | 93.4% | +0.6% | 72 | -6.5% | 83 | +22.1% |
19107 | Washington Square | $300,000 | -0.8% | 92.6% | -2.5% | 75 | -15.7% | 43 | +16.2% |
19123 | Northern Liberties | $455,000 | -9.0% | 96.3% | -0.9% | 65 | -8.5% | 58 | -24.7% |
19130 | Art Museum | $375,000 | +10.3% | 96.0% | +2.2% | 53 | -19.7% | 122 | +13.0% |
19145 | Passyunk | $215,000 | +19.4% | 94.1% | +0.2% | 48 | -4.0% | 155 | +14.8% |
19146 | Graduate Hospital | $345,000 | +6.2% | 94.4% | -0.7% | 51 | -3.8% | 223 | +4.7% |
19147 | Queen Village | $420,000 | +2.2% | 95.3% | -0.4% | 65 | -9.7% | 152 | +2.7% |
19148 | Pennsport | $220,000 | +8.1% | 94.3% | -0.5% | 48 | -22.6% | 162 | -11.5% |
A high percentage of sellers received their original asking price, with three areas’ percentages, Society Hill/Old City, Art Museum, and Passyunk, going up from the same time period last year. Sales in general are up from the same time period last year, with the number of closed sales going up in all areas except for Northern Liberties and Pennsport. Below are the pricing details for sold units in Q4 2017.
Zip Code | Area | Units Listed | Units Sold | Min. Sale Price | Max. Sale Price | Med. Sale Price |
19102 | Center City | 12 | 6 | $525,000 | $750,000 | $628,750 |
19103 | Rittenhouse | 26 | 25 | $500,000 | $875,000 | $677,132 |
19106 | Society Hill/Old City | 22 | 19 | $510,000 | $900,000 | $678,999 |
19107 | Washington Square | 12 | 14 | $505,000 | $885,000 | $706,093 |
19123 | Northern Liberties | 51 | 24 | $500,000 | $851,416 | $666,184 |
19130 | Art Museum | 54 | 43 | $505,000 | $807,500 | $607,184 |
19145 | Passyunk | 10 | 3 | $517,810 | $540,805 | $526,205 |
19146 | Graduate Hospital | 90 | 59 | $500,000 | $871,000 | $636,739 |
19147 | Queen Village | 106 | 76 | $500,000 | $900,000 | $662,215 |
19148 | Pennsport | 23 | 8 | $507,000 | $570,000 | $538,238 |
Total |
| 406 | 277 | $5,069,810 | $7,950,721 | $6,327,739 |
Q4 2017 shows that the Philadelphia housing market continues to be competitive. With less homes available for sale, sellers can ask for more money than they would be able to with an oversaturated market. And with more people leaving the suburbs behind and opting for city life, homebuyers will be willing to pay the asking price in desirable areas.
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