Now is a great time to sell property in Philadelphia. Just as in the first quarter of this year, the City of Brotherly Love proves to be a competitive market when it comes to buying homes, so when you are ready to sell, be confident your home is of value in this market.
According to the national housing report, Philadelphia experienced a price growth of 13.4% in May. And Zillow says that prices have actually risen 11.3% in the last year. That’s because there aren’t enough listings for the people who want to buy in the city. So, buyers are willing to pay at or near asking price.
Center City, Society Hill, and Rittenhouse Square homes still tend to be the most expensive. While homes in Graduate Hospital, Queen Village, and the Art Museum tend to be more affordable options. Even for those residents looking to downsize, there are plenty of options all over the city.
The moving trends point towards the sellers
The chart below shows that Philadelphia’s housing market is still competitive. Like much of the past year, people want to buy in the city’s hottest neighborhoods, especially Graduate Hospital and Queen Village. Homes are being listed and scooped up at a rapid pace.
Newbold, located below Washington Avenue and west of Broad Street, is seeing a spike in value as well, with homes being listed for an average of over a half of a million dollars.
Average Original Listing Price
Society Hill/Old City
Nearly 69% of properties listed during the second quarter 2018 were sold. Another interesting fact is that sellers are receiving their asking price. About 97% of the average listing price is being achieved.
In other words, now is a great time to sell your property if you’re thinking about it. Especially if your home is located in one of Philadelphia’s hottest neighborhoods.
If you’re looking to upgrade your home or downsize your space, you have your pick of some great Philadelphia neighborhoods to choose from.