The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market March 2021

Units Sold
1,667
Active Inventory
3,054
Median Sale Price
$260,000
Days On Market
46
Up 34%
Vs. Year Ago
Down -29%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 1,667 sold this month in Philadelphia County Real Estate versus 1,238 last month, an increase of 35%. This month's total units sold was higher than at this time last year, an increase of 34% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,240 units or 29%. The total number of active inventory this March was 3,054 compared to 4,294 in March 2020. This month's total of 3,054 is lower than the previous month's total supply of available inventory of 3,245, a decrease of 6%.

Median Sale Price
Last March, the median sale price for Philadelphia County Homes was $245,000. This March, the median sale price was $260,000, an increase of 6% or $15,000 compared to last year. The current median sold price is 9% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
2,613
Current Contracts
2,220
Sold Vs. List Price
98.4%
Months of Supply
1.8
Up 35%
Vs. Year Ago
Up 88%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -47%
Vs. Year Ago

Months of Supply
In March, there was 1.8 months of supply available in Philadelphia County, compared to 3.4 in March 2020. That is a decrease of 47% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 2,613 homes newly listed for sale in Philadelphia County compared to 1,936 in March 2020, an increase of 35%. There were 2,220 current contracts pending sale this March compared to 1,180 a year ago. The number of current contracts is 88% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Philadelphia County was 98.4% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 46, lower than the average last year, which was 59, a decrease of 22%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.