Main Line Homes Blog

head_left_image

The Philadelphia Housing Market

Philadelphia Area Market Report

We all know real estate is local and I post many market reports on local market conditions right down to development level in Tredyffrin Easttown. But, sometimes it is good to step back and look at the overall market conditions in the Philadelphia area. This report does just that. Covering those counties which surround Philadelphia both in Pennsylvania and New Jersey. Trudy and I are not licensed to sell real estate in new Jersey, but we have many excellent colleagues who are and we can refer you to an agent to help you out if New Jersey is beckoning.

Interestingly data is showing a little bit of a mixed message. Compared to last year prices have risen 2%, compared to January they have fallen 3%. Most likely the mild winter and lack of inventory across the market place caused many buyers to purchase in January and when weather worsened, sales slowed down.

Chester County, where Tredyffrin Easttown is located is not one of the top five in the area for sales by units. I have noticed as I look for clients more listings coming on the market and sales happening in Lower Merion than Radnor and Tredyffrin Easttown.

50% of the homes being sold were detached housing stock, 44% were attached, twins, row homes, town homes, carriage homes for example and 6% were condominiums.

Largest price point for sales was $150-300,000 at 40%, next were homes priced less than $150,000 at 34%, so almost three quarters of the sales were for homes priced $300,000 or less. Homes priced $300,000 - 450,000 made up 16% of sales, $450 - 600,000 were 5% and above $600,000 another 5%. every price point saw a drop compared to Janaury and was a continuing trtend since June 2016. Lack of inventory in most areas is causing sellers to hold off listing and this becomes a vicious circle with less and less inventory.

Check out the whole report here:

Philadelphia Market Report

If you want a more specific market report, please contact Nick Vandekar, Tredyffrin Easttown Realtor with Long & Foster Real Estate, inc, serving the whole of the Main Line, at Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543.

 

 

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

  Twitter link  Linked in linkl our blog RSS feed of MainLineHomes Blog

Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market. 

 

Comment balloon 6 commentsNick & Trudy Vandekar, 610-203-4543 • April 24 2017 02:29PM

Comments

Always good to be in the know. Thank you for sharing and best of luck!

Posted by Jeremy K. Frost, Associate Broker, CNE, CRS, ePro, PSA (Keller Williams Realty) 3 months ago

Jeremy K. Frost sometimes it is important to look at the overall market to understand better the local markets.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 3 months ago

Great information...thank you for sharing it this Monday morning!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 3 months ago

Kristin Johnston - REALTOR® thanks for stopping by

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 3 months ago

Good morning Nick and Trudy.  Thanks for the information about the Philadelphia housing market.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 3 months ago

Gabe Sanders thanks for visiting

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 3 months ago

This blog does not allow anonymous comments