Lender, Brokerage Offer Two Housing Market Views
PHILADELPHIA PA – “Droves of buyers” relocating from New York City to Philadelphia, its surrounding suburbs, and Pittsburgh are making Pennsylvania’s housing market “a hot commodity,” according to Lisa Home Mortgage, a multi-state licensed mortgage company headquartered in Philadelphia.
“New York City is coping with the aftermath of the COVID-19 pandemic, new variants, and contending with the current rental costs, which are at an all-time high,” the company claimed Monday (Aug. 1, 2022). “When considering the tri-state area, Pennsylvania simply gives you more bang for your buck,” company CEO Lisa K. Farrell said.
National real estate brokerage Redfin reports home sale prices continued to rise in the Philadelphia housing market during June 2022, the most recent month for which its statistics were available, but it seems sales volume is cooling.
During June, Philadelphia home prices were up 3.6 percent compared to last year, selling for a median price of $290,000, Redfin data shows. While there were 1,950 homes sold in the Philly market throughout June, it indicated the total was down from 2,149 home sales in the same month last year.
Also in June, Redfin said, homes in Philadelphia were selling after spending 32 days on the market on average, compared to 29 days last year.
Similar trends held true in Pennsylvania as a whole during June, Redfin added. “Home prices in Pennsylvania were up 8.5 percent compared to last year, selling for a median price of $307,300,” it observed. “On average, the number of homes sold was down 11.8 percent year over year, and there were 12,984 homes sold in June this year, down 14,718 homes sold in June last year.”
Photo by Breno Assis via Unsplash, used under license