May 15, 2024 - Real Estate

Philly-area home prices hit 2-year high in April

Illustration of a house key shape extended and sloping upward like a trend line with the groove of the key bright red with an arrow point at the top.

Illustration: Annelise Capossela/Axios

Housing price growth hit a two-year high in the Philly metro in April, per a new report from listing service Bright MLS.

By the numbers: Median home sale prices rose nearly 11% over the past year to reach $365,000 in the region, per the report

  • In Philly proper, home prices ticked up 3% to $268,000.

Yes, but: Prices rose significantly more everywhere else in the burbs.

  • The largest annual gains were in Camden County (nearly 17%), Mercer County (15.2%), and Montgomery County (12.6%).

What to watch: New listings are coming on the market at a quicker pace than in 2023, boosting supply amid a housing inventory crisis, according to the report.

  • The caveat: Philadelphia County had fewer listings in April than a year ago.

The bottom line: Housing inventory is expected to grow in the metro and the market remains competitive, per the report.

Read the full report

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