How are Philadelphia Home Prices Trending?

Real Estate

The most recent Lindy Institute Housing Report for Philly was just published.  It dates back to 2019 Q4 and shows “strong but slowing house prices and sales” in Philadelphia.  As we enter the COVID era, Q4 will be our baseline numbers city-wide and for the neighborhoods.

City-wide year-over-year +2.9% Historic average +4.5%

University City  -2.4%

Center City/Fairmount -1.1%

Northwest Philadelphia +1.7%

Kensington/Frankford +1.8%

South Philly +2.2%

Lower Northeast Phila +4.6%

Lower Northeast Phila +5.6%

North Philadelphia +5.7%

West/SW Philly +9.7%

 

Home Sales are dropping but still waaay over average.  Home sales were 5462 in Q4, -15.4% compared to the 2017 Q4.  Historically 3900 homes sell every quarter.  

Homes are lingering on the market longer due to, in my opinion, price inflation.  Days-on-Market to sale 53, up from 38 DOM last year which was a record low.  During the 2011 recession, DOM was 95

Housing inventory is still very tight.  3363 homes for sale, flat from last quarter.  Historically there are 5000 homes on the market in Philadelphia

Market Status:  The National Association of Realtors characterizes Philadelphia as being a seller’s market.   
Zillow characterizes Philadelphia as being “Very Hot”.

So much for the last pre-COVID quarter.  Tomorrow I will comment on data that has come in during the last month.

 

*Data consolidated from the Lindy Housing Indices, Case Shiller and Zillow.