Philadelphia, PA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Philadelphia? ›

Philadelphia Housing Market Trends

In June 2024, Philadelphia home prices were up 3.7% compared to last year, selling for a median price of $280K. On average, homes in Philadelphia sell after 42 days on the market compared to 41 days last year. There were 1,289 homes sold in June this year, down from 1,522 last year.

Philadelphia is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

The One-Dollar Homeownership Program is the answer. These government owned properties are sold to community residents who wish to revitalize neighborhoods through affordable owner-occupied homeownership.

The best month to sell a house in Pennsylvania is June.

Last year, the average listing price for Pennsylvania homes in June was $244,783, which is $16,370 more than the annual average.

Yes. This is the best time to buy a house in Pennsylvania. With the current trend in the PA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

The U.S. Census Bureau data indicates Philadelphia's population now stands at about 1.6 million residents, meaning a 1% drop occurred between July 2022 and July 2023. The data also shows that since April 2020, Philadelphia's population declined 3.3%, or by 53,251 residents.

Philadelphia stands out as an excellent place to buy investment property for several reasons. The city's stable job market, diverse economy, and growing population create a consistent demand for housing.

But there is a real definition: The Department of Housing and Urban Development (HUD) standard for being affordable calls for your spending no more than 30% of your income to pay for your rent or mortgage, utilities, and other housing costs.

Tight Inventory and Increased Competition

The demand for property in Philadelphia is at an all-time high right now.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

What is the best month to sell a house? ›

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

All gains realized from selling, exchanging, or disposing of any type of property are taxed according to the Pennsylvania Personal Income Tax (PA PIT) system, meaning they are taxed as personal income. According to the PA-DoR's Personal Income Tax portal, Pennsylvania's personal income tax rate is a flat 3.07%.

Philadelphia faces a housing crisis, with 4,000 people experiencing homelessness, 40% of households cost burdened, and 22% living in poverty in 2022 (Office of Homeless Services, American Community Survey, 2018-2022).

Average Home Prices: The average median home price in Pennsylvania is $264,700, up by 6.6% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 97.9%, with an increase of 0.6% YoY compared to January 2023.