In Philadelphia, new listings outpaced 2023 and all counties except Philadelphia itself had year-over-year listing gains. Demand remained strong as the median home sold in just nine days, a tad quicker than April 2023.
Despite the improved inventory situation, housing affordability remains strained. The region’s median sale price hit a record $410,000 in April as prices rose at the fastest annual pace (10.9%) in two years in the Philadelphia area.
However, the increase in inventory has not dampened buyer activity. Closed sales in April 2024 were up by 7.6% compared to April 2023, with both closed sales and new pending sales only slightly trailing last year’s figures, down 0.9% and 0.4% year-to-date, respectively.
The median days on market for homes sold in April was eight days or less, indicating that competition among buyers remained fierce.
“Affordability is a big challenge, and we see signs that summer buyers are holding back—like the fact that new listings are up, but showing activity is low,” Sturtevant said.
