It’s going to be a challenge looking for a home in the Philadelphia region in the next few months as the supply of available houses remains at record lows, writes Michaelle Bond for The Philadelphia Inquirer.
Delaware County was the only county that saw an increase in new listings in December, rising 3%, while listings were down in every other county in the region, according to Bright MLS.
Homebuyers are starting 2022 with even fewer options than this time last year.
The December 2021 housing supply was down 9% from December 2020 and down 35% from pre-pandemic levels, according to Zillow.
“Conditions are actually, amazingly, worse for buyers than they were one year ago,” said Zillow senior economist Jeff Tucker.
The median home value in the Philadelphia metropolitan area is $313,529, up nearly 15% in December 2021 from December 2020.
“For someone who doesn’t have a foot on the escalator of property values, this is a hard time to try to get on,” Tucker said.
A strong seller’s market is expected to extend into spring until more new homes are built and higher mortgage rates impact purchasing demand.
Read more at The Philadelphia Inquirer about the Philadelphia region housing market.
Jason Walter, a CPA with Realty One Group, cautions that this is the worst time to buy a new home.