Philadelphia Real Estate Prices
Philadelphia Real Estate Prices
By Larry Flick, Prudential Fox & Roach, Realtors
Greater Philadelphia Homes Remain a Good Investment
I think we can all agree that the future of the housing market is one of the most disconcerting unknowns for Americans. With so much conflicting news regarding the state of national housing market, it can be difficult to know whether homes remain a good investment. Luckily, home sellers in the Greater Philadelphia region can breathe a sigh of relief. Even through challenging economic times, home values in the Region have continued to retain their value, which is great news for potential and current home sellers.
According to the Prudential Fox & Roach, Realtors HomExpert Market Report© the median price for a home sold in the Greater Philadelphia region in October was $209,000, which is two percent higher than October 2009 and the average number of days a home stayed on the market went from 88 days to 87. The large drop in sales was enough to push inventory levels to 13.8 months, which is a nearly twice-normal level. Higher inventories tend to cause home prices to decline as supply outsets demand. However, for certain areas in the Greater Philadelphia region, median sales prices have actually increased, jumping 16.7 percent in Center City Philadelphia alone.
What does this mean? While the number of homes sold in the Greater Philadelphia area is down this month, the median sales prices continue to hold strong. The October HomeExpert data suggests that the housing market appears to be stabilizing, which indicates that the market is leveling out after inflated record highs in sales and prices mainly due to the federal tax credit, which expired in July.
Below is a spotlight on Center City Philadelphia, where despite slowing sales, median sales prices have jumped to 16.7%:
To search Philadelphia Real Estate listings for condos, homes and apartments click here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
