If you’re looking to buy a home, Philly might be the place for you. The Philadelphia area is the second best market in the country for home buyers, according to a new study conducted by a website that specializes in real estate market research.
On Wednesday, Zillow.com released their list of the 10 best markets for home sellers and 10 best markets for home buyers. Philadelphia ranked second on their list of best buyers’ markets, right behind Cleveland, Ohio.
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“Top buyers’ markets tend to have lots of inventory, steep price cuts and homes that linger on the market,” said Cory Hopkins of Zillow.com. “Top sellers’ markets tend to have low inventory, homes that are selling for more than the asking price and a quick turnover. Zillow analyzed data on sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the cities within your metro relative to one another.”
Within the Philadelphia Metro area, Pittman, New Jersey was ranked the number 1 buyers’ market while Newark, Delaware was ranked the number 1 sellers’ market.
Zillow also calculated that the median estimated home value for the Philadelphia area on a given day was $193,000 for the month of February, up 2.4 percent from February 2013.
Nationally, the median estimated home value was $169,200 in February, up 5.6 percent from February 2013, according to Zillow.
Hopkins also says the values for homes in the Philly metro area are expected to rise another 1.3 percent over the next 12 months.
Dr. Stan Humphries, the chief economist for Zillow, says their latest report shows that the West Coast may be better for sellers and the East Coast better for buyers.
“The real estate data in markets on both coasts are telling markedly different stories,” Humphries said. “Relatively strong job markets in the West are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge. In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand.”