The March Center City District report highlights: the regional housing market continues to show strength with transactions and sale prices higher than the pre-pandemic level.
- In the third and fourth quarters of 2020, the volume of residential sales citywide increased. 4,817 homes sold citywide in the fourth quarter, a 16% year-over-year increase.
- The median housing sale price citywide increased by 4% in the fourth quarter to $245,000.
- Looking at neighborhoods in the City by comparing 2020 to 2019, median prices in University City rose 5%, West and Southwest Philly by 22%, North Philly by 17% and Northwest Philly by16%. Center City prices remained relatively flat.
- However, in Greater Center City (the area from Girard Avenue to Tasker Street, river to river), there were 235 residential sales in February, 4% more than last year.
The Philadelphia Inquirer recently wrote, “Buying? Prepare for Battle” where it expanded on the sellers’ market. We have elaborated previously on the hot market and lack of inventory creating an aggressive environment with multiple and over asking price bids and lightning fast sales. Philadelphia has about three times the number of buyers for each potential home.