The Greater Philadelphia housing market is stuck, except not really for Delaware County homes.

Buyers aren’t looking due to rising prices and high mortgage rates. Sellers aren’t selling because they don’t want to give up mortgages refinanced at historically low levels during the pandemic.

That said, buyers in the Philadelphia suburbs still need to be ready, writes Ryan Mulling for Philadelphia Business Journal.

 While homes in Philadelphia sat on the market 21 days, 10 days longer than the same month last year, median homes in Delaware, Chester, Montgomery, and Bucks counties all sold in less than a week, at six days.

The Philadelphia-area housing market remains the strongest one in the Mid-Atlantic, hotter than Washington, D.C., or Baltimore metros.

The housing market remains competitive but “subdued,” with a slower-than-usual spring market, according to Bright MLS Chief Economist Lisa Sturtevant.

May saw 27 percent fewer new listings in the region than in May of 2022 and pending sales were down 21 percent year over year, according to Bright MLS.

“Mortgage rates are on people’s minds,” Sturtevant said.

She expects the housing market to pick up this summer, believing mortgage rates will go down, bringing people back into the market.

Read more about the Delaware County homes and the housing market in the Greater Philadelphia region in the Philadelphia Business Journal.