A lack of so-called inventory in Philadelphia’s real estate market means that homes are selling much more quickly than last year, spending less than 100 days on the market, according to a recent report.
In July, Zillow released its second quarter market report and found that Philly homes are sold two weeks faster this past spring compared to last year. Specifically, homes spent an average 98 days on the market in spring 2016. Six years earlier, the average days homes spent on the market was 154.
The need to act fast on buying here can be owed to the fact that it’s pretty slim pickings when it comes to Philadelphia real estate. According to the report, the number of houses for sale nationwide has fallen on an annual basis in 46 of the past 55 months. Here’s how much Philly’s inventory has declined since 2010:
The dwindling inventory and hot market also means higher home values. We already know that Philly’s home values have hit an all-time high—Zillow put the median home value of Philly homes at $187,000 based on June 2016 numbers. Compare that to $100,000 a decade ago.
Moral of the story? The researchers say that until supply increases, expect a tough market to find a home—and once you do, act fast.