The Long & Foster Market Minute

Focus On: Philadelphia Metro Housing Market October 2022

Units Sold
5,099
Active Inventory
10,597
Median Sale Price
$350,770
Days On Market
25
Down -30%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 9%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 5,099 sold this month in Philadelphia Metro Real Estate versus 6,149 last month, a decrease of 17%. This month's total units sold was lower than at this time last year, a decrease of 30% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 959 units or 8%. The total number of active inventory this October was 10,597 compared to 11,556 in October 2021. This month's total of 10,597 is lower than the previous month's total supply of available inventory of 11,236, a decrease of 6%.

Median Sale Price
Last October, the median sale price for Philadelphia Metro Homes was $340,000. This October, the median sale price was approximately the same at $350,770. The current median sold price is 3% higher than in October 2021.

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


New Listings
6,534
Current Contracts
5,196
Sold Vs. List Price
100.0%
Months of Supply
2.1
Down -22%
Vs. Year Ago
Down -30%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 32%
Vs. Year Ago

Months of Supply
In October, there was 2.1 months of supply available in Philadelphia Metro, compared to 1.6 in October 2021. That is an increase of 31% 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 6,534 homes newly listed for sale in Philadelphia Metro compared to 8,399 in October 2021, a decrease of 22%. There were 5,196 current contracts pending sale this October compared to 7,454 a year ago. The number of current contracts is 30% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Philadelphia Metro was 100.0% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 25, higher than the average last year, which was 23, an increase of 9%.

The Long & Foster Market Minute *Defined as the counties of Berks, Bucks, Chester, Delaware, Lehigh, Montgomery, Northampton, and Philadelphia in PA
*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 GLVR/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 GLVR/BRIGHTMLS or Long & Foster Real Estate, Inc.