June 2024 - Greater Philadelphia Real Estate Market Update

What’s going on in the Philadelphia Market?

The Philadelphia and close suburban housing market has been buzzing this summer with lots of activity, which I have personally been experiencing myself. Despite higher interest rates, there’s still plenty of demand as buyers jump on available properties. More homes are hitting the market, giving buyers a better selection, while sellers are still getting good prices. As I said above, many properties that didn't sell in the spring are back on the market, often with price cuts or extra incentives to draw in buyers. This has made the market a little more balanced, with both buyers and sellers having a fairer shot at getting a good deal.

Looking ahead to the fall, we might see the market cool off a bit as the summer rush winds down. Prices are expected to increase more slowly, and there should be a steadier stream of new listings. This could mean less competition for buyers, making it a great time for first-time homebuyers to get in the game. If the economy keeps improving and interest rates stabilize, buyer confidence could get a boost too. Overall, the fall housing market in Philly and the surrounding areas should offer some good opportunities for both buyers and sellers, with a more balanced and strategic approach to deals.

Gellman PA Properties
325 Chestnut St. Suite 1300
Philadelphia, PA 19106
267.259.0134
gellmanrealestate@gmail.com