Philadelphia Market Update, December 2020

[Yuriy Skripnichenko]

Hi all.

Time for new Bright report on the market condition.

December 2020 Housing Market Update: The Philadelphia Metro rebounded from COVID-19 lockdowns in 2020, as buyer demand and record-low interest rates pushed the region to a record-high yearly median sales price.

The year marked the highest yearly median sales price for homes in the Philadelphia Metro ($271.5K, +10.8%). Total sales across the metro hit $27.4 billion (up 11.7%).
For the year, new pending home sales rose 2.6%. While April’s industry lockdown hampered performance, pent up demand and record low mortgage rates propelled the rest of the year.
The year saw over 9,000 fewer new home listings compared to 2019. Supply of inventory remained at two months or less for the second half of the year, falling to a new low of 1.3 months in December.
For the year, days on the market (15 days) declined by nearly two weeks.

Cheers,

Yuriy