Is Southwest Philadelphia, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Southwest Philadelphia was a Seller's Market.
Key Takeaway
Southwest Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Southwest Philadelphia, PA
How much do homes in Southwest Philadelphia, PA cost?
Median Sold Price
$137,750
$114/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southwest Philadelphia have sold for 3.7% less than they did a year ago.
Summary: The median home sold price in Southwest Philadelphia was $137,750 in May 2024, down 3.7% from last year, and the median price per square foot was $114.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $102.5K | $80K | -22.0% |
| 3 Bedrooms | $135K | $128.8K | -4.6% |
| 4 Bedrooms | $185K | $197K | +6.5% |
| 5+ Bedrooms | $212K | $220K | +3.8% |
Summary: Southwest Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 22%, 3 bedroom homes decreased by 4.6%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 3.8%.
Housing Supply in Southwest Philadelphia, PA
How many homes are available in Southwest Philadelphia, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 290 | 316 | +9.0% |
Summary: The Southwest Philadelphia real estate market had 316 homes for sale in May 2024, a 9.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 20 | 20 | 0.0% |
| 3 Bedrooms | 224 | 246 | +9.8% |
| 4 Bedrooms | 38 | 39 | +2.6% |
| 5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Southwest Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 40 | 45 | +12.5% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest Philadelphia, expect to pay close to the asking price. 51.1% of homes here sold near the asking price last month.
Summary: A total of 45 homes were sold or pending in Southwest Philadelphia in May 2024, up by 12.5% month-over-month. Of the 45 sold homes, 22% were sold under asking, 51% were sold at asking, and 27% were sold over asking.
Days on Market for Southwest Philadelphia, PA
How long does it take to sell a home in Southwest Philadelphia, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 54 Days | 55 Days | 0.4% |
Summary: Homes in Southwest Philadelphia had an average of 55 days on market in May 2024, up by 0.4% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Southwest Philadelphia has remained consistent over time.
Summary: During May 2024, 45 homes were sold in Southwest Philadelphia; 38% of homes were sold within 30 days, 47% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
