July 2020 Housing Market Update: The Philadelphia Metro marketplace shook off the effects of the lockdown, reaching July bests for new home listings and new pending sales, and a new decade-best median sales price.
The following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on July 2020 Bright MLS housing data.
- The median sale price hit an overall ten-year high ($284.0K).
- Month to month, the median sales price for single-family homes jumped 11.4%. Over the past five years, July home prices were typically -1.6% lower than June.
- Chester County homes had a monthly median sales price of over $400K for the first time ($401.8K).
- July closing volume (8,495) nearly equaled the ten-year best for the month set in 2018 (8,520).
- The month-to-month 47.5% gain was a ten-year record. Typically, volume dips -10.2% in July versus June.
- New pending home sales (10,204) remained above 10K for a second month and declined only -2.8% from June.
- Sellers continued to return to the marketplace as the month was a ten-year July best for new home listings (10,812).
- New listing volume improved by 2.6% from June. Generally, levels retreat -10.8% June to July.
- In another indication of buyer demand, Philadelphia Metro homes had their fewest days on the market on record (14).
Source for this post: Bright MLS.