Fueled by historically low interest rates and a pandemic-driven desire for more space, the real estate market in the Philadelphia region remained strong throughout September, writes Michaelle Bond for The Philadelphia Inquirer.
This is not a typical market behavior for September, as the month usually shows a slowdown in home sales as families transition into the school year. This year, however, the opposite is happening.
“I don’t see things slowing down, honestly, any time soon,” said realtor Erica Deuschle of Berkshire Hathaway HomeServices Fox & Roach Haverford.
Deuschle is speaking from experience: in fact a home she put on the market in Havertown for $450,000 on Monday last week was under contract by Wednesday night.
Meanwhile with the high demand and low inventory, the number of days homes stay on the market continues to shrink.
For example, a typical home on the market in Chester County sold seven days faster in September this year than in the previous year. In Montgomery County, that difference is six days, while in Delaware County, it is just five.
This strong seller’s market is expected to last throughout the year.
Read more about the real estate market at The Philadelphia Inquirer by clicking here.
You Might Also Like