The latest numbers are in for Philly’s housing market, and the biggest takeaway is that while the city’s real estate is still hot, relief may be on the way.
That’s according to economist Kevin Gillen’s latest “Philadelphia Housing Report: Q3 2017,” which found that while every neighborhood experienced an increase in housing price appreciation, housing inventory seem to have stopped dwindling and may have hit bottom.
This is good news for potential homebuyers who have been dealing with a sellers’ market over the past two quarters with the lowest number of homes for sale since 2001. Said Gillen, “When they (finally!) begin to increase from their current lows, it should provide some long-needed relief from the upward pressure they are exerting on local house prices.”
Per usual, Gillen pulled data from the city’s recorder of deeds and Trend MLS for his report, and only included single-family home sales. He found that median house price in Philadelphia is currently $159,900, a slight 1.2 percent increase from last quarter.
And unlike previous quarters, home values rose in every neighborhood, with University City’s 7.7 percent rise leading the pack. Interestingly, Gillen also found that the sale of $1 million-plus homes (not including condos) is spreading from outside of the notoriously pricey neighborhoods of Center City and Chestnut Hill.
You can check out the full breakdown of Philly’s second real estate quarter at the Lindy Institute’s website.