The Long & Foster Market Minute

Focus On: Philadelphia County Housing Market June 2021

Units Sold
2,051
Active Inventory
3,616
Median Sale Price
$280,000
Days On Market
29
Up
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 12%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 2,051 sold this month in Philadelphia County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 669 units or 16%. The total number of active inventory this June was 3,616 compared to 4,285 in June 2020. This month's total of 3,616 is higher than the previous month's total supply of available inventory of 3,586, an increase of 1%.

Median Sale Price
Last June, the median sale price for Philadelphia County Homes was $250,000. This June, the median sale price was $280,000, an increase of 12% or $30,000 compared to last year. The current median sold price is 4% higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
2,596
Current Contracts
1,854
Sold Vs. List Price
99.3%
Months of Supply
1.8
Up 7%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -55%
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Philadelphia County, compared to 3.9 in June 2020. That is a decrease of 55% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 2,596 homes newly listed for sale in Philadelphia County compared to 2,435 in June 2020, an increase of 7%. There were 1,854 current contracts pending sale this June compared to 1,733 a year ago. The number of current contracts is 7% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Philadelphia County was 99.3% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 29, lower than the average last year, which was 46, a decrease of 37%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.