April 2024 Greater Philadelphia Area Housing Market Update

Recently, a lot of clients have been asking me what’s happening in the Greater Philadelphia Area's housing market, and I understand why. Our local market has been going through a lot of shifts recently that you need to be aware of, whether you’re planning to buy or sell in six weeks or six years. That’s why today, I’m taking you through some of the most important statistics from the Greater Philadelphia Area market:

 

Despite higher interest rates, home prices in our area have been increasing steadily. The median price is currently $312,400, which is up 7.5% from this time last year, and experts expect prices to rise another 1% in 2024. While the market isn’t as hot as it was when interest rates were lower, a short supply of inventory will keep prices steady for the foreseeable future.

 

While the number of homes for sale in our area has been increasing recently, we still don’t have enough supply to meet demand. The spring market tends to be more active in our area, so even as more homes hit the market, higher demand is keeping inventory low.

 

The average interest rate in the Greater Philadelphia Area is around 7.5% for a conventional mortgage if you have good credit. There’s been a little bit of movement on rates recently, but overall, it looks like the Federal Reserve won’t make any big moves on them in the near future.

So what does this mean for you? If you’re looking to buy or sell this year, I recommend you make a move sooner rather than later. Rates likely won’t come down anytime soon, and low inventory is putting upward pressure on home prices. By moving now, you can secure a better deal and simply refinance when rates eventually do come down.