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2023 Year-End Market Update – Tom’s Take 359

Curious about the housing market in Greater Philadelphia? Here’s a quick rundown of 2023:
Home Sales: Down 18.3% to 23.7%
Median Sale Price: Down 4.7% in Philly, Up 5.3% to 6.5% in Suburbs
Days on Market: 19-22 days in suburbs, 47 days in Philly
Inventory: Up 15-18%, 1.69 to 1.78 months supply
What does this mean for you?
Sellers: Consider listing now with rising days on market
Buyers: Lower rates mean more affordability, act sooner
Rates are down to 6.25-6.375%, making it an excellent time for both buyers and sellers. Plan ahead, meet with agents, and be prepared for the changing market.
Have more questions about our local market? Schedule a call with our team –

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Our agents write often to give you the latest insights on owning a home or property in the local area.