If you’re house hunting in the Philly metro area, brace yourself. It’s a highly competitive housing market right now, thanks to high mortgage rates and a rapid increase in home prices, the quickest we’ve seen since May 2022. The number of homes for sale hasn’t really changed much, keeping prices on the rise. Although fewer homes have been selling compared to last year, the ones that do list are flying off the market in about 20 days or less.
Looking ahead, mortgage rates are expected to drop a bit, and more homes should be hitting the market this spring, thanks to an increase in new listings. This boost in inventory should mean more choices and better chances to find your perfect spot.
Bucks County, PA: Closed sales are 291, which is down 12.9% since this time last year. Median days on market was 10 days in February. In February there were 470 new pending sales, 459 new listings (down 0.4% from the prior year) and just over 10,000 showings. At the end of February there were 470 active listings (-3.3% from February 2023) which equates to 0.96 months of supply.
Montgomery County, PA: Closed sales are 434, which is up 0.7% since this time last year. Median days on market was 11 days in February. In February there were 623 new pending sales, 692 new listings (up 16.5% from the prior year) and over 16,000 showings. At the end of February there were 785 active listings (+9.0% from February 2023) which equates to 1.16 months of supply.
Mercer County, NJ: Closed sales are 181, which is up 23.4% since this time last year. Median days on market was 18 days in February. In February there were 253 new pending sales, 274 new listings (up 13.2% from the prior year) and over 7,400 showings. At the end of February there were 318 active listings (-4.8% from February 2023) which equates to 1.20 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.