August 2020 Housing Market Update: The median sales price reached a ten-year high in the Philadelphia Metro as days on market hit a ten-year low. The market remained strong as closed sales volume hit an August high.
The following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on August 2020 Bright MLS housing data.
- The median sale price hit a new ten-year high ($290.0K), surpassing last month’s record by 2.1%.
- Prices increased by an August record of 11.5%, as the volume of homes selling for $500K-$599K (570) improved 52.8%.
- Both Bucks County ($411.8K, +8.4%) and Montgomery County broke through the $400.0K single-family home price barrier ($410.0K, +10.8%).
- Median days on the market fell to a new all-time low of 11 days.
- New pending home sales (9,730) hit an August record and third-best month overall. The 26.8% year-over-year gain was also a new record for August.
Source for this post: Bright MLS.