Philadelphia Market Update, January 2021

[Yuriy Skripnichenko]

Hi all, 

New report from Bright. 

Buyers remained engaged in the Philadelphia Metro market at the start of 2021. Demand drove homes under contract in thirteen days - over three weeks earlier than last January, the sharpest decline for any month in nearly four years. The strong demand and limited inventory helped push the median sales price ($275.0K) up a record 14.6%. However, with January's new listings having their first year-over-year decline since last year's spring shutdown and new pending sales continuing to rise, the regional inventory shortage will continue into the coming months.

Cheers, 

Yuriy