The Main Line experienced a 6.3 percent drop in sales with 2,788 homes sold. The median home price was $405,000, which constituted an increase of 3.8%. Center City homes edged up by 1.4 percent to a median price of $355,000 on the 1,454 homes that sold last year.
Philly Homes Selling Like Hotcakes
While some residential areas of the United States are continuing to struggle with home sales in the wake of the Great Recession, Philadelphia is seeing quicker sales than any time in the last three years. According to Berkshire Hathaway HomeServices Fox & Roach, who published a year-end report, the housing sector has continued to gain a boost by way of promising economic conditions and lower interest rates. It’s a show of strength that bodes encouragingly for the local real estate market.
It’s a good time to be a home seller in Philly right now.
Homes are selling at the fastest rate in the past three years, said the HomeExpert report. Homes aren’t lingering on the market for as long as they did formerly. On average, homes sat on the market for 78 days last year, Compare that to 83 days in 2013 and 98 days in 2012. In addition, overall inventory was down, indicating that demand might be higher. There were 42,859 properties for sale last year, in comparison with 45,110 in 2013. Overall sales were down, nominally, by 0.6 percent. Sales decreased for seven of 12 counties in the region.
Home prices are on the rise too. Overall, median sale prices rose 1.2 percent to $212,500. Chester County experienced the highest sales prices, coming in with a median price of $305,000 (a 2.7 percent increase over last year), followed by Bucks County at $270,875 (a 0.4 percent rise). Montgomery County’s median sale price of $255,000 stayed the same over the past year.
