Philadelphia Real Estate Market Update (Nov 2024) | Tom’s Take 406

In this detailed November 2024 market update for the Greater Philadelphia Area, we dive into the latest trends affecting home sales, prices, inventory, and more. Whether you're thinking of buying or selling, this video covers everything you need to know about the current state of the market and what to expect in the coming months. Timestamps: 00:00 – Introduction: How's the market looking in November 2024? 00:10 – Overview of closed sales in Philadelphia & surrounding areas 00:18 – Sales up 0.5% year-over-year: What it means 00:39 – Median sold price up 8.7% – Strong demand in Northeastern markets 00:56 – Inventory is growing: 7.4% increase in homes for sale 01:02 – Days on market: Flat at 11–12 days 01:17 – Showings are down 9.8% year-to-date, but November shows improvement 02:04 – What does all this mean for sellers? 02:11 – Sellers: Should you list sooner to take advantage of low inventory? 03:20 – Buyers: Is now a good time to get in the market? 03:50 – What to expect with interest rates & competition 04:40 – Conclusion: How to stay ahead in this shifting market 05:00 – How to get more details or schedule a consultation