Philadelphia Region Housing Market ‘Insane’ Thanks to Continuously High Buyer Demand
Thanks to continuously high buyer demand, the housing supply and number of days a house spends on the market reached record lows in the Philadelphia region last month, writes Michaelle Bond for The Philadelphia Inquirer.
In August, new listings also reached a ten-year high following pandemic-related delay to the usually busy spring market. In fact, homes in the Philadelphia region spent a median of 11 days on the market, which is two weeks fewer than in August last year.
However, the region continues to face low housing supplies, with less than two months of housing inventory available. As a result, the market favors sellers which are seeing bidding wars for their properties.
The number of closed sales in August was up around 14 percent from the same month last year, with approximately 8,640 sales.
Edmund Choi, a Realtor at RE/MAX Main Line who usually serves Chester and Montgomery counties as well as northern Delaware County, characterized the local housing market over the last three months as “insane.”
Homes in the suburbs are getting significantly more than their sometimes “aggressive” listing prices, he added.
Read more about the housing market at The Philadelphia Inquirer by clicking here.
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