Is Philadelphia a seller’s or buyer’s market? That’s a good question. Let’s look at some of the supporting answers to this question.
- Prices are going down. Houses in Philadelphia have sold for 3.7% less than they did a year ago. But most of that decrease is attributed to houses that are five bedrooms or more. Interestingly, prices outside of the City are increasing.
- From February 2023 to March 2023 there was a 14% increase in the number of homes available. In this same period the number of homes sold increased by 35.8%.
- This seems to be a good time to buy a home – 56.5% of homes in Philly sold below the asking price last month.
- Homes are still selling fast in Philly with 50% selling in under 30 days.
- Although the prices in the City are generally lower than last year, and homes are staying on the market slightly longer, there remains an active market for properties.
The news coming out of Philadelphia’s housing market remains positive. We are proud to support our borrowers who invest in Philadelphia, thus contributing to the overall health of the economy and providing housing opportunities for the City’s residents. Faster than a bank and less expensive than hard money lenders, we are in the business to lend and have provided over $800 million in loans to build or renovate more than $1.4 billion in investment real estate in the last 6 years.