"Active listings in Philadelphia fell 2.3% year-over-year to 3,830 in February, while nationally, inventory grew 7.9%. New listings dropped sharply by 12.6%, creating a competitive environment for buyers."
"The median list price in Philadelphia was $265,000 in February, down 1.4% from a year ago, which is significantly lower than the U.S. median of $403,450, maintaining affordability."
"Only 13.8% of listings in Philadelphia took a price cut, which is below the national rate of 15.5%, indicating that most sellers were not willing to lower their prices."
"The typical Philadelphia home sat on the market for 69 days in February, which is nearly identical to the national median of 70 days, showing a contained slowdown in sales."
Philadelphia's housing market is experiencing a tightening trend with a 2.3% year-over-year drop in active listings, totaling 3,830 in February. New listings fell sharply by 12.6%, contrasting with a national increase. The median list price in Philadelphia is $265,000, down 1.4% from last year, remaining below the national median. Only 13.8% of listings saw price cuts, indicating sellers' reluctance to negotiate. Homes took slightly longer to sell, averaging 69 days, closely aligning with the national pace of 70 days.
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