The median home price in the Philadelphia area fell 2.6 percent to $223,000 in 2008. Clearly housing prices took a hit from the economic crisis but not to the extent of the overall national market. Nationally, the median sale price dropped last year by 9.3 percent, according to the National Association of Realtors data, down to $198,600 $219,000 in 2007.
Philadelphia County was the only county in the region where the median price increased last year, rising by 0.9 percent to $141,237. Chester County registered the highest median sale price of $304,250, followed by Bucks County at $282,500. Montgomery County’s median sale price was $263,000.
Philadelphia Housing Sales Facts for 2008:
**57,877 homes sold, a 23.9 percent decrease
76,084 homes sold in 2007
85,302 homes sold in 2006
**Average days on market was 77
65 days in 2007
54 days in 2006
**Monthly average inventory was 60,530
60,166 in 2007
54,009 in 2006
With historically low interest rates, some great buys and the imminent passage of the Economic Stimulus Bill eager sellers have been kicking up more sales at the start of the spring selling season, which unofficially launched after the Super Bowl.
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