According to the National Association of Realtors, the Philadelphia metro area is one of the top ten markets with the highest potential for strong growth in home sales in 2024 due to pent-up demand and supply, writes Michaelle Bond for The Philadelphia Inquirer.

Following two years marked by “subdued activity,” the association is expecting to see the national housing market do better next year. In its analysis of the 100 largest metropolitan areas, the Philadelphia metro area ranked eighth for markets likely to see more activity come 2024 and outperform other metros.

The Philadelphia metro area market is set for a major boost driven by both buyers and sellers. An expected drop in mortgage rates should bring in more buyers who had found themselves priced out of the market as well as more homeowners who were not moving and selling due to being locked into low rates.

Compared to other metro areas, the Philadelphia region recorded twice as many homes for sale in October that first-time home buyers could afford – or 41 percent of the entire inventory.

Additionally, 44 percent of homeowners were above the region’s average of spending 17 years living in their properties.

Read more about the housing market and why the Philadelphia metro area is one of the top ten markets with expected strong growth in home sales in 2024 in The Philadelphia Inquirer.

________