Since the pandemic worsened in March of 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 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.
All that aside, how has the Philadelphia real estate market and the actual numbers held up in 2020 since COVID-19?
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, units listed increased, and Days on Market decreased. People started to buy again! This is 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 that it took starting in March.
Question is, what do the next few months have in store for Philly?
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 in Philly is healthy.
SOURCE: Report pulled from the Bright MLS in Philadelphia for Philadelphia County