National headlines say prices are up in half the country and down in the other half. Here’s how the housing market in Philadelphia compares, with local stats every buyer and seller should know.
If you’ve read the latest housing headlines, you’ve probably seen some conflicting takes.
And when you zoom out, it makes sense as to why: A new Zillow report found that, in half of the country’s largest metros, home values rose over the past year. In the other half, they fell.
So today, we’re breaking down what’s happening nationally, and more importantly, how it compares to what we’re seeing here in Philadelphia.
National Market Trends
At the national level, home values have barely moved, rising just 0.2% over the past year.
Home values rose in 25 major markets, mostly in the Midwest and Northeast. Cleveland (+4.7%) and Hartford (+4.5%) led the pack.
Home values fell in 25 markets, especially in the South and West. Tampa (-6.2%), Austin (-6%), and Miami (-4.6%) saw the steepest declines.
Aside from home prices, here’s what’s happening across the country:
Sellers cut prices on 27.4% of listings, the highest rate since tracking began in 2018.
Homes are lingering on the market longer, with a median 60 days on market, the slowest July in over a decade.
Mortgage costs are down slightly, about $19 per month compared to last year, but still nearly $1,000 higher than before the pandemic.
That means affordability remains a challenge, even in markets where buyers have the upper hand.
What’s Happening in Philadelphia
National trends don’t always tell the full story. Here in Philadelphia & MontCo:
Median home price:
Philly - 2.9% Increase YOY
Days on market: Homes here are selling in 45 days on average in Philly and 19 days in MontCo compared to the national 60-day median.
MontCo is red-hot as usual—homes are going under contract in just 19 days, which suggests higher demand.
Philly is more balanced, with homes taking 45 days on average to sell. That’s still reasonable, but gives buyers a bit more breathing room.
What It Means for Buyers
Nationally, buyers are seeing more homes sit longer and more price cuts. In Philadelphia, the market is shifting - but not in a bad way.
If you’re looking to buy, here’s my advice:
Inventory is rising: Active listings are up 8.9% in MontCo and 2.8% in Philly compared to last year, giving buyers more choices than they've had in recent seasons.
Watch for price reductions. It’s a sign sellers are willing to negotiate.
Get pre-approved so you’re ready to act when the right home hits the market.
Don’t assume headlines about “falling prices” apply here. Check the local stats.
The national data is clear: Homes that are overpriced are sitting. Homes that are priced right are still selling.
In Philadelphia, we’re seeing well-priced homes move in under 20 days, while overpriced listings are lingering past 60 days—sometimes much longer.
If you’re thinking of selling, remember:
- Pricing competitively from the start is more important than ever.
- Buyers are savvy, with plenty of data at their fingertips.
- Making your home shine online with great photos, 3D tours, or floor plans can help you stand out.
The Bottom Line
Kara Ng, a senior economist at Zillow, summed it up best: “Perhaps more than ever, whether it’s a good time to buy depends on where you live.”
The housing market is split nationally, but what really matters is what’s happening locally. If you’re thinking of buying or selling around Philly, the numbers show that strategy matters more than ever.
Pricing, timing, and presentation will determine who wins in this market.
Let's get ΓEA⅃
Christine Ertz
215-987-2961
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