Published September 2, 2022
What Our Slowing Market Means for You
Here’s what buyers and sellers should know about our housing market.
“What’s happening in our real estate market?” We receive this question all the time. Today we’ll look at the latest numbers from the Philadelphia housing market and explain what they mean for you.
In general, the numbers tell us what everyone’s already feeling: The market is starting to cool. The Federal Reserve has raised interest rates to curb demand and combat inflation, and it looks like it’s working.
"More homes are on the market, which is good news for buyers."
According to the latest numbers from July, our listings and sales are down month over month, but our prices are still up. For the first time in over a year, the number of homes on the market has increased year over year, which is good news for buyers.
This may make you think that demand is bottoming out, but that isn’t the case. The demand index for the Philadelphia metro area is around 120; considering that 100 is supposed to be average, this shows that demand remains strong. Put simply, there are still more buyers than homes for sale in our market.
That being said, showings are down 27% year over year. Our market is definitely correcting, but what does that mean for you? No one has a crystal ball, yet we predict housing appreciation to slow down over the next few months without decreasing prices.
If you’re interested in a more detailed update for your area or have any questions, please call or email us. We are always willing to help!
