The Long & Foster Market Minute

Focus On: Philadelphia Metro Housing Market January 2024

Units Sold
3,245
Active Inventory
7,542
Median Sale Price
$352,700
Days On Market
34
Down -3%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 3,245 sold this month in Philadelphia Metro Real Estate versus 4,339 last month, a decrease of 25%. This month's total units sold was lower than at this time last year, a decrease of 3% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,773 units or 19%. The total number of active inventory this January was 7,542 compared to 9,315 in January 2023. This month's total of 7,542 is lower than the previous month's total supply of available inventory of 8,296, a decrease of 9%.

Median Sale Price
Last January, the median sale price for Philadelphia Metro Homes was $335,000. This January, the median sale price was $352,700, an increase of 5% or $17,700 compared to last year. The current median sold price is 2% lower 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
4,551
Current Contracts
3,960
Sold Vs. List Price
99.2%
Months of Supply
2.3
Down -15%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 0.5%
Vs. Year Ago
Down -17%
Vs. Year Ago

Months of Supply
In January, there was 2.3 months of supply available in Philadelphia Metro, compared to 2.8 in January 2023. That is a decrease of 16% 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 4,551 homes newly listed for sale in Philadelphia Metro compared to 5,374 in January 2023, a decrease of 15%. There were 3,960 current contracts pending sale this January compared to 4,108 a year ago. The number of current contracts is 4% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Philadelphia Metro was 99.2% of the average list price, which is 0.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 35, a decrease of 3%.

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.