Jul 20, 2022 - Real Estate

Philly's real estate market isn't cooling just yet

Illustration of a white picket fence shaped like arrows trending upwards
Illustration: Sarah Grillo/Axios

With new listings falling and median home sale prices steadily rising from last year, Philadelphia's real estate market is holding firm for now.

Why it matters: We keep hearing a market crash is coming, but so far, local data doesn't support that.

What's happening: From May 2021 to May 2022, new listings were down 10% and pending sales were down 5.6%, according to Redfin.

  • More sellers are also dropping their asking price; price reductions increased by 8.5 percentage points from June 2021 to June 2022, MLS data show.

Yes, but: These changes are very small. If more listings flood the market this summer and buyers don't bite, that's when we would start to see more power shift into buyers' hands.

Data: Redfin; Chart: Kavya Beheraj/Axios

Zoom out: Nationally, mortgage applications were down 24%, and, on average, 6.5% of sellers dropped their asking price each week in June, per Redfin's latest market update.

  • In June, national pending home sales were down 13% from the same time last year, the largest decline since May 2020, Redfin's report stated.

The bottom line: We're not seeing major changes in Philadelphia just yet, but we're starting to see early, albeit slight, signs of a cooler market ahead.

avatar

Get more local stories in your inbox with Axios Philadelphia.

🌱

Support local journalism by becoming a member.

Learn more

More Philadelphia stories

No stories could be found

Philadelphiapostcard

Get a free daily digest of the most important news in your backyard with Axios Philadelphia.

🌱

Support local journalism by becoming a member.

Learn more