Welcome to Friday Open Threads, wherein we'll pass the mic to readers to speak up about topics of interest, distress, horror, and more. This week’s topic: The current state of Philly’s real estate market.
Philly has long been a homeowner’s city. Makes sense, given that monthly mortgages are often much, much less than monthly rent. But if you haven’t already read it here or here or here, Philly’s real estate market is a different beast these days.
The city’s housing inventory—i.e. the amount of available single-family homes for sale—is at an all-time low. Meanwhile, housing prices are skyrocketing. And yes, bidding wars are a thing now. Here at Curbed Philly, we can hardly highlight a new listing fast enough before it’s pending sale the next day.
With all that said, we have a wild task for this week’s open thread. We know we have a lot of readers in other cities who are curious about the market here (looking at you, New York).
So let’s tell ‘em how it is: How would you sum up the Philadelphia real estate market in one sentence?
Sound off in the comments below.