THE ULTIMATE GUIDE TO
The State of the Market for Sellers in Philadelphia Pennsylvania
Is it still a Seller’s market today in Philadelphia? Is the Philadelphia Market going to experience a downturn? As experts in the Philadelphia real estate market, we get asked this question a lot. The answer isn’t as simple as yes or no. The State of the Market for Sellers in Philadelphia Quick stats for 2019. Homes in great locations that are priced well have been selling quickly, and the inventory is low. Average days on market for November is 38 days. Average sales price of $209K is 6.9% higher than 2018. Average price per square foot of $149 is 4.9% higher than 2018. Homes are selling for typically 3% below list price. (Source Redfin) Philadelphia Property Value Appreciation for 2019 The Federal Housing Financing Agency (FHFA) tracks many data points, including property resale’s. The recently released 3rd Quarter 2019 All Transactions Index shows Philadelphia property values have appreciated 5.2% over the past 12 months. FHFA’s report ranks Philadelphia in 65th place out of 231 tracked Metropolitan Areas. (Source FHFA) Philadelphia Rent Appreciation for 2019 Property resale value and monthly rental costs often trend in similar directions. Through October 2019, the average monthly rental cost for an 800 sq ft apartment is $1,652 which reflects a 5% increase from the prior period. Approximately 47% of housing units in Philadelphia PA are Renter Occupied. (Source RentCafe) Unemployment Rate in Philadelphia Metro Area Unemployment trends are a good indicator of property value trends. From September 2018, to September 2019, six counties in the Philadelphia Metro area saw unemployment decrease. The Philadelphia Metro area matched the national unemployment decline of 0.8 percent from September 2017 to September 2019. The Philadelphia County unemployment rate from September 2018 to September 2019 remained at 5.2%. (Source Bureau of Labor Statistics) Wage and Earnings Tax Rates in Philadelphia, PA As part of a continued long-term plan, On July 1st, 2019, the City of Philadelphia reduced its Wage Tax rate as follows:
Lower tax rates are considered a positive tool to attracting residents to a region, improve housing affordability, and bode well for property values. Sound confusing? It is. But Help is Available. There are a lot of variables that shape real estate trends in a region and around the country. The factors above are just a subset of what influences housing prices. We’re investing in Philadelphia because we believe in the community and the people here. If you need to sell a property near Philadelphia, there are professional House Buyers who can help guide you through the process, particularly if you have to sell fast.
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