The housing market is always evolving, which is why it is so important to work with an expert when it comes to buying and selling your home. Over the last 18 months, we have seen home values skyrocket, buyer demand increase, and mortgage rates drop to historic lows. We understand that the real estate market as a whole is always changing, but also that it varies not just state to state, but even between cities. Every member of the Dee Greene Hill Team is an expert in their area and is monitoring the trends as they come along. With our extensive knowledge, we are able to steer our clients in the right direction based on the current state of the market at that time and in that area.
There are multiple factors that affect the housing market, including the unemployment rate, construction material pricing, and inventory supply. Currently, the unemployment rate in the Philadelphia area is above the national average, but still significantly lower than it was when the pandemic first hit. Construction material prices have increased significantly over the last year due to a supply shortage, leading to higher sales prices and longer lead times, but overall builder sentiment is still high.
While we saw the biggest of this impact in the beginning months of the pandemic, inventory supply has started to level out and construction timelines are working their way back to normal. Overall in the Philadelphia suburbs, homes are selling quicker than they were this time last year, but the housing supply is at a much better state than it was throughout the last 18 months.
Media sits just 15 minutes SouthEast of Center City Philadelphia and is home to over 36,000 residents. It has seen a significant increase in sales over the past year thanks to its easy commutability into center city Philadelphia, and its vibrant downtown.
University City sits just across the Schuylkill River from center city Philadelphia and is home to more than 11,000 full-time residents on top of its college students. It has seen sales more than double over the past year thanks to its lower price points and accessibility to major businesses.
Ardmore is one of the most prominent towns along the Main Line in the Philadelphia suburbs and is home to just over 13,000 residents. It has seen a significant increase in sales over the past year thanks to its easy accessibility to public transportation, major thoroughfares, and major shopping centers while still maintaining a small suburban feel.
Mt. Airy sits in the Northwest corner of Philadelphia County and provides its 27,000+ residents with quaint, tree-lined city streets just steps from all of the action. It has seen a large increase in sales over the past year thanks to its easy commutability into center city Philadelphia, and its bustling boutique and restaurant scene.
Interested in the state of the market in other areas? Click here for the full market report.