Philadelphia Metro Area Real Estate Market Update: July 2024 | Tom’s Take 389

Curious about the latest trends in the Philadelphia real estate market? In this video, we dive into the July 2024 statistics and discuss what they mean for buyers and sellers in the Philadelphia metro area, including the city and surrounding suburbs. Here's a snapshot of what you'll find: 📉 Market Overview: * Closed sales have slightly decreased by 0.9% compared to last year. * Median sale prices have risen by 8.2% year-over-year. * Median days on the market remain stable at 11 days, with the average closer to 3-4 weeks. 🏡 Current Market Trends: * New pending sales are down by 0.4% from last year. * New active listings are up by 3.9%, and total active listings have increased by 17.9%. * Supply has grown by 21% compared to last year, with a 13.2% decrease in showings. 🔍 What This Means for You: * For Sellers: The market remains favorable with rising prices and quick sales. However, increased inventory might mean more competition, so consider adjusting your strategy if needed. * For Buyers: With interest rates at a 52-week low and more inventory available, now could be a good time to ramp up your home search.