Feb 26, 2016
home-for-saleFrom where we sit, the Philadelphia-area real estate market is hot, especially in the city. House values are up, and inventory and days on market have fallen. Yet according to the real estate search site Zillow, the greater Philadelphia real estate market is the Number One buyers’ market in the country right now. How can this be?

We asked Zillow spokeswoman Lauren Braun for an explanation, and she gave us one.

“Zillow ranks buyers’ and sellers’ markets based on price cuts and days on market,” she said. “Philadelphia has one of the highest rates of price cuts, and listings spend the longest time on the market. And while inventory is down in Philadelphia and home values have risen, both are on a smaller scale than the nation as a whole.”

Nationally, inventory in January of this year was down 8.6 percent from year-ago levels; in Philadelphia, inventory fell 3.5 percent in that period. And while house values rose 1.4 percent over the course of a year in Philadelphia, they rose 4.2 percent nationally.

Zillow also ranked the top five buyers’ and sellers markets within the greater Philadelphia market. They are:

Top sellers’ markets:

  1. Bear, Del.
  2. Chester Springs, Pa.
  3. Phoenixville, Pa.
  4. Lansdale, Pa.
  5. Nether Providence Township, Pa.

Top buyers’ markets:

  1. Woodbury, N.J.
  2. Lindenwold, N.J.
  3. Pine Hill, N.J.
  4. Berlin Township, N.J.
  5. Cheltenham, Pa.

Source: www.phillymag.co.