Despite losing the spring home selling season because of the pandemic, home buying reached historic levels the rest of the year in the Philadelphia region, writes Natalie Kostelni for Philadelphia Business Journal.

November was especially lucrative.  The number of houses sold and under contract were up, sales prices were up, while inventory and the average number of days on the market were down.

Historically low interest rates, a housing inventory shortage and a desire for more space created one of the most dynamic housing markets on record.

 “November was the fifth month in which median sales prices hit a new high, with homes coming out of sale in a week and a half,” said Brian Donnellan, CEO at Bright MLS.

The number of houses sold throughout the 12-county region rose by 21.5% compared with November 2019.

Sales along the Main Line shot up 22.5% and average sale prices rose to $680,824 from $551,316.

The strong residential market is expected to continue in 2021, according to the National Association of Realtors. So is the use of technology.

Virtual tours, open houses and closings became common in the pandemic and are expected to remain.

Read more about the 2020 Philadelphia housing market at Philadelphia Business Journal.