REAL ESTATE STATISTICS – MARKET UPDATE
If you are considering Buying or Selling Homes in the Philadelphia metropolitan area you can access the statistics that are accumulated by the local Multiple Listing Service … Bright MLS.
Key Highlights 2024 1st Quarter
Purchase Prices are UP in most counties by 7% to 10% from 12 months ago.
The number of homes for sale are DOWN BY 12% to 20% from 12 months ago.
Mortgage Interest Rates are UP BY almost 3 % from 12 months ago.
The practical cost of homes with a mortgage is up by about 30% from 2021. This is because of the historically low interest rates of 2021. However, interest rates are at the historical 30 year average of 7+%
IMPORTANT NOTE: THE MARKET HAS CONTINUED TO BE A STRONG SELLER’S MARKET AND THE INVENTORY OF HOMES FOR SALE IS EXTREMELY LOW
You can access the data for the last quarter by clicking the links below …