What Buyers and Sellers Should Know About Philadelphia’s Market

Philadelphia’s housing market continues to move quickly, and understanding the numbers can help you plan your next move.

Inventory and Competition
The city has just under 3 months of inventory (2.94), which keeps Philadelphia in a seller’s market. Homes are limited compared to demand, creating competition for buyers. Sellers benefit from this environment with faster sales and stronger offers, while buyers need to be ready to act quickly when the right home hits the market.

Trends in Supply
Inventory has slipped by 1% over the last month and is down 10% compared to last year. This ongoing decline reinforces the competitive climate. For sellers, it’s an encouraging signal, it may be an excellent time to list. Buyers should expect fewer choices and anticipate pressure on prices.

Pricing and Negotiation
Homes are selling for about 97% of their asking price. That means most sellers are achieving close to their list price, though there’s still some room for negotiation. Knowing this number helps both buyers and sellers set realistic strategies when writing or reviewing offers.

Speed of Sales
The median days on market is just 18. Homes are moving fast, underscoring the importance of preparation. Buyers need pre-approval and a clear plan before shopping. Sellers can expect a brisk process once their property is listed.

Current Pricing Benchmark
The median sold price is $415,000. This provides a realistic reference point: buyers can weigh affordability, while sellers can better position their property in the market.

Neighborhood Differences
Keep in mind, these numbers are an overall look at the entire city. Each neighborhood tells a different story. For example, homes in Fishtown often sell at a premium because of high demand, while parts of Northeast Philly may offer more affordable options with slightly longer days on market.

The Bottom Line
Philadelphia’s market is active and competitive. Sellers are in a strong position, and buyers need to be sharp and prepared.

If you’re planning your next move, I’d love to walk you through what these numbers mean for your specific neighborhood or situation. Every decision is easier when you’ve got the right guidance.