"Philadelphia's median list price landed at $269,000 in March, roughly $147,000 below the national median of $416,000. Prices slipped 2.2% year over year, but fewer sellers here needed to cut prices: only 14.8% of listings carried a price reduction, below the national rate of 16.3%."
"Active listings fell 3.2% year over year to 4,015 homes in March, even as 2,090 new listings entered the market, up 3.9% from a year ago. Buyer demand absorbed most of that incoming supply before it could build up."
"The typical Philadelphia home sat on the market for 56 days in March, nearly two weeks longer than the same time last year, a 14.3% jump that outpaced the national increase of 7.5%. Buyers aren't rushing to make offers."
Philadelphia's housing market is experiencing a slight tightening, with active listings down 3.2% year over year. The median list price is $269,000, significantly lower than the national median. Although prices dipped by 2.2%, fewer sellers are reducing prices compared to the national average. Homes are taking longer to sell, averaging 56 days on the market, indicating that buyers are becoming more selective. The market rewards patience and strategic pricing for both buyers and sellers.
Read at SFGATE
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