Top 3 Real Estate Market Trends in Greater Philadelphia for 2024 - Tom's Take 382

Here are three key trends in the greater Philadelphia real estate market as of June 30th: 1️⃣ New Listings: Inventory is increasing. Nationally, we saw 70,606 new homes listed in 2024 compared to 61,749 in 2023 and 90,741 in 2022. In the greater Philadelphia area, new listings are up by 12.8% from last year. 2️⃣ Pricing: Despite the rise in inventory, prices continue to climb. Sale prices in the greater Philadelphia metro area are up 6.7% from last year. The median listing price is 11.6% higher than last year. 3️⃣ Showings: Showings are down by over 12% compared to the same time last year, indicating a normalization in the market. Sellers should consider pricing their homes realistically to attract serious buyers. For more insights and to discuss your real estate needs, schedule a call with our team! 📲 https://calendly.com/tomtoole