What Happened to Philadelphia Real Estate During COVID-19?
Since the pandemic worsened in March 2020, the Philadelphia real estate market immediately slowed. Real estate was deemed as non-essential. This made it extremely difficult to go about normal real estate operations.
For example, construction sites slowed and halted their projects. Open houses were not open. Trying to schedule a walk-through of a property (in real life or virtually) with a seller was like pulling teeth – completely understandable.
Time was not on anyone’s side. The signs offering a service to “help sell my house fast in Philadelphia, PA” began to collect dust. But all that aside, how has the Philadelphia real estate market and the actual numbers held up in 2020 since COVID-19?
Keep reading for our analysis of what happened to the Philadelphia real estate market during and after COVID.
Snapshot: Philadelphia Real Estate Market Since COVID
A few interesting things to note here. March and April were incredibly slow! Which makes sense. Fortunately, the hot and humid summer months also brought more real estate inventory to Philly.
Overall, the “Number of Units” listed increased, and the “Days on Market” decreased. People started to buy again! This was partially due to the low-interest rates released by the Federal Reserve. The Philadelphia real estate market appears to have bounced back from the 2-month dip it took starting in March and leading into April.
Question is, what do the next few months have in store for Philly?
Snapshot: Philadelphia Real Estate Inventory Report
Surprisingly, inventory is way up from last year at this time in Philadelphia. Are homeowners preparing to jump ship and attempting to sell their homes as fast as possible? Perhaps. Or maybe since there are more buyers in the Philadelphia market (because of the low-interest rates), homeowners are receiving offers they cannot refuse.
In any case, the real estate market in Philadelphia is still going strong for now. Simply based on the numbers, the real estate market in Philly is healthy. Despite the dips experienced in March and April, figures are on the rise – and in a good way. Houses are coming on the market again and they’re selling quickly.
Remember, real estate changes all the time. Knowing when to sell in Philadelphia depends on the market, yes, but also on many other factors, like when is the best time for you. If you need to sell your house in Philadelphia fast, selling to an investor (like us at Brotherly Love Real Estate) is a great way to close fast, skip high fees, and get a fair price for your property.
Give our team of real estate professionals a call today at (215) 769-9875 to see how we can help with your property situation.
SOURCE: Report pulled from the Bright MLS in Philadelphia for Philadelphia County