Is the Tide Turning for the Red Hot Philadelphia Housing Market?

Posted on Jan 23, 2018


The data shows some mixed signals on whether the trend of recent price appreciation in the market will break.

Houwzer Senior Economic Advisor Kevin Gillen has just released his latest report detailing the housing market dynamics for the city of Philadelphia in Q4 2017.

Home prices in the city fell by 0.5% on a quality- and seasonally-adjusted basis in Q4. While this is a potential sign of buyers' reluctance to pay ever-higher prices for Philadelphia housing stock, the average price of a home is still up 12.7% from one year ago.

However, buyers may not have much of a choice in the matter--inventory has dwindled to only 3,329 homes in the entire city which is an all-time low in our records going back to 2001. This low inventory environment will continue to create upward price pressure as long as buyers keep entering the market this spring.

Read the full report below:

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