A high for Philadelphia housing.
Philly home sales volume breaks new records in 3rd quarter, while price appreciation continues citywide.
Read the full report, Philadelphia Housing Report Q3 2015, produced by Kevin Gillen, Drexel’s Lindy Institute and Meyer’s Research LLC,
Price appreciation continued across all of Philly’s neighborhoods. Sales posted their best quarter in the post-bubble era and million dollar sales broke their all-time historic record.
University City +0.1%
Northwest Philadelphia +0.3%
Upper Northeast Philadelphia +0.3%
North Philadelphia +0.4%
Lower Northeast Philadelphia +0.5%
Center City / Fairmount +3.0%
West Philadelphia +3.3%
Kensington / Frankford +4.4%
South Philadelphia +5.2%
Sales volume continued to increase momentum.
- 4,655 arms-length home sales in Philadelphia Q3
- Up sharply from 4,198 in the previous quarter
- Highest volume of sales of any quarter since 2007, before the Great Recession took hold
- Average Days-on-Market dropped to 61 days, its lowest value since 2007
- The absorption rate of homes listed for sale also hit a post-bubble high: nearly 20% of all homes listed for sale in Q3 also sold in Q3. This is the highest level of absorption since Philly’s crazy real estate market of 2005
- Inventories of homes listed for sale have largely stabilized