The home prices in the Philadelphia metro area reached a two-year high in April, according to a recently released report by Bright MLS.
The median price of homes sold last month was $365,000, which is a 10.9 percent increase from a year ago. That is also the fastest year-over-year price appreciation in nearly two years, since May 2022.
New listings are arriving onto the market faster than last year which is boosting supply. Other than Philadelphia County, all counties in the metro area had more active listings at the end of last month than a year ago.
The increased number of available houses for sale has not slowed the market, with half of the homes only staying on the market for nine days or less. This is quicker than a year ago when homes were on the market for an average of 11 days.
“More supply is good news for the housing market, but there is still a long way until we are back to a balanced housing market,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “Affordability is a big challenge, and we see signs that summer buyers are holding back—like the fact that new listings are up, but showing activity is low.”
Read more about home prices in the Philadelphia metro area at Bright MLS.
_____
