In the Philly metro area, the real estate scene is really heating up! Home prices are at a two-year high, with the New Jersey suburbs seeing the quickest rise. Even though more homes are being listed than last year, sales aren’t slowing down – half of the homes are selling in just 9 days or less.
Some folks are waiting for lower rates, but plenty are diving right in. With prices edging towards record levels, it’s clear this market isn’t cooling off anytime soon.
Bucks County, PA: Closed sales are 454, which is up 5.3% since this time last year. Median days on market was 6 days in April. In April there were 594 new pending sales, 698 new listings (up 20.6% from the prior year) and almost 14,000 showings. At the end of April there were 623 active listings (+25.9% from April 2023) which equates to 1.29 months of supply.
Montgomery County, PA: Closed sales are 655, which is up 8.4% since this time last year. Median days on market was 6 days in April. In April there were 886 new pending sales, 994 new listings (up 19.9% from the prior year) and just over 19,000 showings. At the end of April there were 847 active listings (+19.8% from April 2023) which equates to 1.26 months of supply.
Mercer County, NJ: Closed sales are 230, which is up 19.2% since this time last year. Median days on market was 14 days in April. In April there were 350 new pending sales, 390 new listings (up 33.6% from the prior year) and about 9,800 showings. At the end of April there were 382 active listings (+19.7% from April 2023) which equates to 1.45 months of supply.
If you have any questions or would like to discuss the real estate market, please call or email me today! If you would like to sell your home and/or buy a new home, please consider the services that I offer and read testimonials from past clients.