"In April, Philadelphia's median list price came in at $274,900, down 1.8% year-over-year, a steeper drop than the national decline of 1.4%. The share of listings with a price reduction hit 18.4%, up nearly 2 percentage points from last year."
"Active listings in April totaled 4,371 homes - up just 1.1% year-over-year, far below the national gain of 4.6%. Worse for buyers: new listings actually fell 4.0% compared to last April."
"The typical home spent 46 days on the market in April - roughly a week faster than the national average, indicating that well-priced homes in Philadelphia are moving quickly."
Philadelphia's housing market is characterized by a decline in list prices and a reduction in new listings. In April, the median list price fell to $274,900, down 1.8% year-over-year. Active listings increased slightly by 1.1%, but new listings decreased by 4.0%. Despite these challenges, homes sold faster than the national pace, with a typical home spending 46 days on the market. Sellers are advised to price homes correctly from the start to avoid price reductions.
Read at SFGATE
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