You can now download the 3rd Quarter analysis of Philadelphia real estate trends for Center City and Mainline. Philadelphia Real Estate has remained strong and shows no sign of being impacted by national trends. Overall the market is up 1% for the quarter and 3% since same time last year. Center City West largely recovered from last quarter’s dip with median sale prices up 5%. Center City East prices have remained the same.
Interesting trends are happening in the Luxury market where the number, median, and average price are all up significantly. This mini-boom in luxury properties is a good leading indicator for the market as a whole. It says great things about Philadelphia when the rich are buying property at levels we haven’t seen for some time.
Interest Rates are making homes more affordable
Interest rates are at 30 year lows and this allows you to buy more home for lower payments. While other parts of the country have been in a real estate slump, Philadelphia has remained a good value. This and the historically low rates make it the perfect time to buy a new home.
Advice for buyers: If you are thinking about purchasing, do it now. Interest rates haven’t been lower for 30 years. Move quickly and keep an eye on new listings as good homes sell in days. One good way to keep track of what’s new is to sign up for our daily email from our website.
Advice for sellers: The market is strong for those who price right. If your house doesn’t sell in the first 60 days on the market, consider lowering your price. Good values drive buyer interest and for the first time in awhile we’ve been seeing bidding wars for houses priced right. Contact Philly Living today to learn how we can help sell your home.
Post on Philly Living's Philadelphia Real Estate blog.