Are real estate prices dropping, specifically in the Philly Metro?
Hi everyone, it’s Dawn D’Amico, your trusted realtor in Pennsylvania and New Jersey. Today I’m going to answer a question many of you have been asking. Are real estate prices dropping in the Philadelphia Pennsylvania Metro?
The short answer is yes. Real estate prices in the Philadelphia Pennsylvania Metro are dropping slightly.
Philadelphia County has experienced the largest decline in the Philly Metro. The median home price in Philadelphia County was $250,000 in September 2023, down 7% from last year.
Bucks County is a more affluent suburb of Philadelphia and real estate prices have remained relatively stable in recent months. The median home price in Bucks County was $516,000 in September 2023, down just 2 percent from a year ago.
Montgomery County is another affluent suburb of Philadelphia, and real estate prices have remained relatively stable. The median home price in Montgomery County was $475,000 in September 2023, down just 3 percent from a year ago.
However, it’s important to note that the market is still very competitive, and there are still many buyers willing to pay top dollar for homes.
So, why are prices dropping? There are a few reasons why real estate prices are dropping in the Philadelphia Metro.
First, the Federal Reserve is raising interest rates. In an effort to combat inflation, this makes it more expensive for people to borrow money and to buy homes.
Second, there is a shortage of homes for sale in the greater Philadelphia region. This is driving prices up and making it more difficult for buyers to find the perfect home.
What does this mean for buyers and sellers?
For buyers, this means that you may have a little more negotiating power than you would have a year ago when interest rates were lower. However, it’s important to act quickly if you find the home you love, because there is still a lot of competition for sellers. This means that you may need to price your home more competitively in order to sell quickly.
However, it is important to remember that the market is still strong and there are still many buyers who are looking for homes.
Okay, friends, don’t forget to follow my blog if you’re finding these insights valuable. Share this article with your friends and family who are interested in buying or selling homes in the Philadelphia Pennsylvania Metro. And, of course, share your thoughts and questions in the comments below. Otherwise, I won’t have anything to talk about.
So, are you thinking of buying, selling, or investing? Reach out to me today and let’s see if working together makes sense.
I’m Dawn D’Amico, your trusted realtor in Pennsylvania and in New Jersey. And, I’ll talk to you soon.
📞 Dawn's Mobile: 215-962-9307, eXp Realty: 888-397-7352
📧 Email: dawn.damico@exprealty.com
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