The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market January 2024

Units Sold
830
Active Inventory
3,794
Median Sale Price
$255,000
Days On Market
56
Down -4%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 6%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 830 sold this month in Philadelphia County Real Estate versus 1,061 last month, a decrease of 22%. This month's total units sold was lower than at this time last year, a decrease of 4% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 686 units or 15%. The total number of active inventory this January was 3,794 compared to 4,480 in January 2023. This month's total of 3,794 is lower than the previous month's total supply of available inventory of 4,001, a decrease of 5%.

Median Sale Price
Last January, the median sale price for Philadelphia County Homes was $241,000. This January, the median sale price was $255,000, an increase of 6% or $14,000 compared to last year. The current median sold price is 9% higher than in December.

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


New Listings
1,518
Current Contracts
1,086
Sold Vs. List Price
97.7%
Months of Supply
4.6
Down -15%
Vs. Year Ago
No Change
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -12%
Vs. Year Ago

Months of Supply
In January, there was 4.6 months of supply available in Philadelphia County, compared to 5.2 in January 2023. That is a decrease of 12% 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 1,518 homes newly listed for sale in Philadelphia County compared to 1,783 in January 2023, a decrease of 15%. There were 1,086 current contracts pending sale this January, consistent with the volume a year ago. The number of current contracts is 23% higher than last month.

Sale Price to List Price Ratio
In January, the average sale price in Philadelphia County was 97.7% 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 56, higher than the average last year, which was 53, an increase of 6%.

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.