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February 2024 Market Update – Tom’s Take 367

Curious about the real estate market? Here’s a quick breakdown for you:

Sales remained steady in Greater Philadelphia, with some areas seeing a slight decrease and others a small increase.

Median sale prices rose by about 9% in suburban areas and 4% in Philadelphia.

New listings in Philadelphia decreased slightly while increasing in other areas, indicating growing inventory.

Interest rates are currently between 6.5% and 6.75%, making it a favorable time to buy.

For sellers: Now might be a good time to cash out, as prices are up and inventory is growing.

For buyers: Lower interest rates mean you can afford more, but be prepared to act quickly as good homes sell fast.

It’s crucial to work with a knowledgeable agent who can guide you through the market. Education and preparation are key in navigating the current real estate landscape. Don’t hesitate to reach out and explore your options!

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

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