Is South 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, South Philadelphia was a Seller's Market.
Key Takeaway
South Philadelphia is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Philadelphia, PA
How much do homes in South Philadelphia, PA cost?
Median Sold Price
$339,688
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Philadelphia have sold for 2.2% less than they did a year ago.
Summary: The median home sold price in South Philadelphia was $339,688 in May 2024, down 2.2% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $279.9K | $310K | +10.7% |
| 2 Bedrooms | $300K | $289.3K | -3.6% |
| 3 Bedrooms | $350.6K | $328.5K | -6.3% |
| 4 Bedrooms | $540K | $545K | +0.9% |
| 5+ Bedrooms | $475K | $500K | +5.3% |
Summary: South Philadelphia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 5.3%.
Median Sold Price Compared To Nearby Neighborhoods
| Marconi Plaza | $280K | $285K | +1.8% |
| South Philadelphia | $347.2K | $339.6K | -2.2% |
| East Oregon | $260K | $245K | -5.8% |
| Whitman | $279.9K | $261K | -6.8% |
| Packer Park | $505K | $470K | -6.9% |
Housing Supply in South Philadelphia, PA
How many homes are available in South Philadelphia, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,173 | 1,255 | +7.0% |
Summary: The South Philadelphia real estate market had 1,255 homes for sale in May 2024, a 7.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 34 | 38 | +11.8% |
| 2 Bedrooms | 327 | 348 | +6.4% |
| 3 Bedrooms | 608 | 645 | +6.1% |
| 4 Bedrooms | 156 | 180 | +15.4% |
| 5+ Bedrooms | 48 | 44 | -8.3% |
Summary: The South Philadelphia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes decreased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 177 | 151 | -14.7% |
Asking Price vs. Sold Price
74 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Philadelphia, you may be able to get a good deal. 49% of homes here sold below asking price last month.
Summary: A total of 151 homes were sold or pending in South Philadelphia in May 2024, down by 14.7% month-over-month. Of the 151 sold homes, 49% were sold under asking, 20% were sold at asking, and 31% were sold over asking.
Days on Market for South Philadelphia, PA
How long does it take to sell a home in South Philadelphia, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 59 Days | 40 Days | -31.8% |
Summary: Homes in South Philadelphia had an average of 40 days on market in May 2024, down by 31.8% compared to last year.
Breakdown of Home Sale Times
97 Homes Were Sold
Under 30 Days
34 Homes Were Sold
In 30 - 90 Days
20 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Philadelphia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 151 homes were sold in South Philadelphia; 64% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
