Philadelphia, PA housing market

Philadelphia home values have barely moved in a year, down just 0.3 percent, and that flat line is the real story this month. The typical home here is worth about two hundred fifty-four thousand dollars, essentially where it was last June. This is not a falling market and it is not a rising one. It is a standstill, and standstills reward realistic pricing. Sellers are asking a median of around two hundred ninety-seven thousand dollars, noticeably above where typical values sit, which tells you many listings are aiming high. Buyers have room to push back, because there are about four thousand eight hundred homes for sale and roughly two thousand more came on the market this month alone. Even so, homes that are priced right are moving, with a median of about 47 days to sell. And nearly one in five listings has already taken a price cut, which is what happens when sellers test the top of the range. The takeaway for Philadelphia owners: the market will pay a fair price quickly, but it will not chase. Price to the market you have, not the one you want.