Greater Philadelphia Real Estate Housing Prices
By Larry Flick, Prudential Fox & Roach, Realtors
Greater Philadelphia Housing Prices Hold Steady in 2010
The Greater Philadelphia real estate market is showing signs of stabilizing, as home sales continued to steadily increase after record lows due to the expiration of the federal tax credit in July. In spite of economic conditions that plagued the national real estate market, median sales prices in region increased 1.2 in 2010 compared to 2009, according to the Prudential Fox & Roach, REALTORS’®
The year-end HomExpert data suggests that the housing market appears to returning to normal levels as job growth increases and the economy continues to pick up steam. According to Steve Storti, Senior VP of Marketing at Prudential Fox & Roach, Realtors, the report offers good news for home sellers, whose homes have retained their value in spite of the year’s rocky economy. Record low mortgage continue to entice home buyers, who can take advantage of high affordability levels and excellent selection.
Below are some housing market highlights from the region. For the full HomExpert analysis of the 12 County Region, including individual area reports, please click here.
Philadelphia County posted the highest number of homes sold in 2010 at 11,818, a 5.3 percent decrease compared to 2009, followed by Montgomery County (7,340, -7.2 percent), Bucks County (5,215, -5.6 percent), Delaware County (4,593, -0.6 percent), and Chester County (4,578,-4.8 percent).
Chester County performed the best in region at $300,000, a 7.1 percent increase compared to 2009, followed by Bucks County ($280,000, +5.6 percent) and Montgomery County ($259,000, +4.0 percent).
The Main Line’s Gladwyne area topped the charts in 2010 with the highest median sales price of $1,015,000. Salem County posted the lowest 2010 median sales price in the region at $23,000. Find your area’s stats by clicking here.
Homes sales in Center City increased 5.3 percent, with 1,147 homes sold in 2010 compared to 1,087 homes sold in 2009. Center City median home prices decreased 2 percent to $325,000 in 2010, compared to the median sale price in 2009, which stood at $331,750.
The Main Line held onto its status as one the region’s most desirable places to live. Median home prices increased 8.9 percent to $380,000 in 2010, compared to the median sale price in 2009, which stood at $349,000. Homes sales remained virtually unchanged in 2010 at 2,137 homes sold, compared to 2,157 homes sold in 2009.
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