What's Happening in the Greater Philadelphia Real Estate Market?

By John Salkowski

The JRS Realty Group, founded by high-producing Real Estate Broker & Author John Salkowski was built on the notion that the secret to achieving incredible goals and getting true results is to dominate real estate with a team approach.

The real estate market in the greater Philadelphia area continues to show significant movement, prompting many buyers and sellers to reevaluate their plans. Over the past few weeks, I’ve received several inquiries from clients asking what’s happening in our local market. Based on recent trends, there are three key points you need to know:

1. Prices are still climbing. Home values continue to rise in Bucks, Chester, Montgomery, and Delaware Counties. These areas are currently up by about four to five percent.

2. Low inventory remains low. Low inventory is a major factor driving up prices. Many of our listings are seeing multiple-offer situations. With fewer homes available, buyers are competing harder, and sellers are getting stronger offers. Right now, it’s a great time to list a property if you’ve been thinking about making a move. For example, we recently listed a home in the Rogers Ford area at $525,000. It received five offers and went up to $555,000.

3. Rising competition ahead. This trend is likely to continue for the rest of the year. If you’re planning to sell, I truly believe there hasn’t been a better time. If you’re waiting to buy and hoping for interest rates to drop, you may want to rethink that strategy. When rates eventually go down, buyer demand will flood the market and create even more competition.

You’re in a stronger position if you buy now and refinance later when the rates fall. Even though you may pay a slightly higher interest rate initially, you’ll avoid the buyer frenzy that’s likely to come. For sellers, low inventory means higher prices and stronger offers, so selling sooner could mean a better return.

Timing the market perfectly just isn’t possible. I’ve been doing this a long time, and even I can’t predict it exactly. What I can do is give you the best advice based on what’s happening right now. If you have questions or need guidance, I’m happy to help. You can call me at (610) 308-5893 or send an email to john@jrsrealtygroup.com. I look forward to hearing from you.