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How does the Greater Philadelphia’s Real Estate Industry Look Like?

Philadelphia has traditionally had a very robust housing market. Right now, many experts are claiming that Philadelphia’s housing market is “red hot.” A number of things are driving this trend, which is subject to change at any time.

Strong Rebound from Housing Slump

Philadelphia’s housing market hit its lowest point in the first quarter of 2012. Since that time, housing prices have risen an estimated 45 percent according to The Philadelphia Inquirer. 2017 has been an especially good year, with housing prices showing an 11.8 percent increase year-over-year. In addition, first quarter gains were the highest since 1980.

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How the Greater Philly Area Real Estate Market has Changed

Philadelphia has long had a high rate of home ownership, largely due to mortgage prices that are much lower than rent. However, there is some indication that the gap between rent and mortgage payments is narrowing somewhat. What is causing the change, and how has it affected the real estate market? Here is an overview of recent market fluctuations.

Philadelphia’s Current Housing Market

The number of single-family homes on the market is currently at an all-time low. In late July 2017, there were only 3,883 homes being offered for sale. This is the first time since 2001 that the figure was lower than 4,000. Housing inventory in Philly has steadily declined in recent months, and is now 32 percent lower than it was five years ago.

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