Philadelphia, PA housing market

In Philadelphia, nearly one in five homes for sale just cut its asking price. If you are thinking about selling this year, that number tells you exactly how buyers are treating ambitious pricing right now. Start with values. The typical Philadelphia home is worth about two hundred forty-nine thousand dollars, up only a third of one percent over the past year. That is a flat market. Now look at what sellers are asking. The median list price is about two hundred ninety-four thousand five hundred dollars, well above what a typical home is actually worth. That gap is where the trouble starts. There are about four thousand nine hundred fifty-six homes on the market right now, with roughly one thousand six hundred forty-four fresh listings arriving this month alone, and the typical home is taking about fifty eight days to sell. Here is the catch, though. Prices have not fallen. Values are holding, which means well priced homes are still selling. The ones getting cut are the ones that came out too high. So if you list this fall, price at what the market says your home is worth, not what you hope it is worth. To see where your home stands, get a free home value estimate at Home Value Pros dot com.