Decade-Long Seller’s Market Pushes Residential Real Estate Prices Up 48 Percent

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row of houses
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The Philadelphia-area residential real estate market continues to be rosy for sellers, less so for buyers.

During the past 10 years, home prices in the area residential real estate market have increased by 48 percent. Homes were more likely to sell above their listing price this August than in any of the previous nine Augusts. Michaelle Bond quantified the activity for The Philadelphia Inquirer.

According to Brian Stetler, an agent with Berkshire Hathaway HomeServices Fox & Roach Realtors, everything is selling: homes on busy streets, homes along train tracks, homes that have had trouble selling in past years — all are going quickly.

“We’re in unprecedented territory,” he said.

But even before the pandemic, sales and prices were already on the rise regionwide. Pending home sales in the Philadelphia metropolitan area nearly doubled from August 2012 to the same month this year, going from 8,400 to 15,500.

Meanwhile, the median home sale price increased by more than $100,000 over that same period — from $220,000 to $325,000.

Concurrently, the inventory remains at historical lows, with only enough housing supply for less than six weeks.

Read more about the rocketing residential real estate market in The Philadelphia Inquirer.

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