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Smart homeowners in Philadelphia want to know the score before deciding, “I want to sell my house.” Understanding the market can make the difference between simply unloading your home or getting the best possible deal on it. Educated salespeople can contribute significantly to the sales process, acting as team players with their real estate agents.
If you’re planning to sell your home, it’s worth asking the important questions and having the market data at your fingertips.
If I decide to sell my home, how long can I expect it to be on the market?
Due to a 24 percent decrease in inventory – that is, the number of homes for sale – compared to last year, Philadelphia home sales moved quite quickly in 2017. Overall, Philadelphia homes they were sold in an average of 98 days last year, about two weeks faster. than the previous year. Rapid change 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 sales price of homes in Philadelphia?
As December 2017 continued to see a hot seller 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, at a median closing price of about $ 180,000. This represents an average of 97.2 percent of the list price and an all-time high for homes in the City of Brotherly Love.
How many houses have been 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 alone in December 2017, a 3 percent decrease from last year directly attributable to a 24 percent decrease 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 seller’s market. The real estate sector is trending upward and is expected to do so for the foreseeable future. Construction has exploded in emerging neighborhoods, increasing demand in those areas. Experts predict a 5 to 6 percent year-on-year increase in median sales prices as new listings continue to decline and demand continues to rise. In other words, the market is, and will continue to be, attractive to sellers and highly competitive from a buyer’s point of view.