Philadelphia Market Update, October 2020

October 2020 Housing Market Update: The Philadelphia Metro reported an October record for median sales price as higher-end home prices rose sharply. Demand remained strong, with new pending sales marking a new high for the month.

The following analysis of the Philadelphia Metro Area housing market has been prepared by Bright MLS and is based on October 2020 Bright MLS housing data.

  • The Philadelphia Metro achieved an October high for median sales price ($280.0K, +14.3%).
    • The number of homes selling for $500K – 999K (756) advanced +93.4%.
    • Burlington County prices achieved a new ten-year overall record. Riverton sales prices ($319.9K) rose by 25.5%.
  • Metro area sales reported a ten-year October high (8,631).
    • Sales rose by a decade record of 39.9%.
  • New listings (10,200) hit reported an October ten-year record.
    • Monthly new listing levels remained above 10,000 for the fifth straight month.
  • Days on the market fell to their second-lowest level in a decade.
    • All counties set ten-year overall or October ten-year records. Notably, condo/co-op units across the metro left the market at their fastest pace ever, staying up for sale for only 13 days (-10 days).

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Source for this post: Bright MLS.