End of Q1 Real Estate Views: 3 Key Philadelphia Market Takeaways

Hindsight is 20/20, and I’m grateful 2020 is in our hindsight! We’re 90+ days into 2021 and, while there are still unknowns at the end of Q1, I want to share three Philadelphia real estate market observations.​

1. Record-Low Housing Supply. Philadelphia currently has 2,511 homes for sale, according to the Drexel University Lindy Institute for Urban Innovation. The city has historically averaged 7,400 homes listed in any single month. This is the 1st time supply has dropped below 3,000.​

2. Foreclosure Backlog. During COVID, a moratorium was placed on foreclosure cases back to 2019. Philadelphia now has one of the highest U.S. foreclosure rates. Once protections end, investors should prepare for an uptick in foreclosure opportunities.​

3. Price Increase. Median sales prices have hit record levels, and home sales across Metro Philadelphia have increased 30%+ between Q1 2019 and Q1 2021. Suburban sales are projected to remain strong.​

Ultimately, the choice to buy or sell is yours and I’m here to help. Whether you’re a first-time buyer, motivated seller, seasoned investor, ambitious agent, or anywhere in between, I look forward to working together!

– Leron Grossman, Real Estate Broker & Investment Expert​
VictoryRealEstateLLC.com | Office: 215-709-0909​

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