NEWS
December 2020 Housing Market Update: Philadelphia Metro
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 following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on December 2020 Bright MLS housing data.
Philadelphia Metro Area - Overview
- 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.
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About the Philadelphia Metro Housing Market Update
The Philadelphia Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data in ShowingTime’s proprietary database. The Philadelphia Metro Area housing market includes Bucks County, Chester County, Delaware County, Montgomery County, Philadelphia County in Pennsylvania, Burlington County, Camden County, Gloucester County, Mercer County and Salem County in New Jersey and New Castle County in Delaware. Data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C. and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
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