DEVON, PA — According to the Berkshire Hathaway HomeServices Fox & Roach, REALTORS® HomExpert Report, the number of closed home sales and properties on the market in the Greater Philadelphia area has decreased in all 12 counties as compared to October 2022. “Home sales are down as expected seasonally, and as compared to the same month last year. Continued availability issues and lack of homes for sale have persisted, but the market remains active. New pending sales have increased across the Greater Philadelphia area, signaling a shift towards activity levels of 2022,” comments Fox & Roach, REALTORS® CEO, Larry Flick V. “Demand remains high, so buyers are acting quickly.”
Number of Properties Sold Decreased
The number of properties sold overall in October of 2023, in the 12-county greater Philadelphia region, decreased by 14.6 percent from this time last year, according to Fox & Roach’s October HomExpert Market Report©. There were 5,337 homes sold in October 2023, compared to 6,253 sold in October 2022.
- In Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 12.6 percent, with 3,197 sold in October 2023, compared to October 2022’s 3,658 homes sold. In Montgomery County, home sales were down 15.6 percent. Delaware County had the second highest decrease, down 14 percent compared to October 2022. Chester County had a 12.8 percent decrease compared to October 2022.
- In Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 14.9 percent, with 1,509 sold in October 2023 and 1,773 sold in October 2022. Burlington County had the largest decrease, down 20.5 percent and Salem County had the second largest decrease, down 19.5 percent compared to October 2022. Camden County had a 16.5 percent decrease.
- In Fox & Roach’s Delaware market areas, total properties sold decreased by 22.7 percent, from 806 sold in October 2022 to 623 sold in October 2023. New Castle County had a 21.8 percent decrease in properties sold in October 2023, compared to October 2022 and Kent County decreased by 24.7 percent.
Monthly Average Inventory Decreased
The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 10 percent, with 20,004 homes on the market in October 2023, compared to 22,225 for sale in October 2022.
- In Fox & Roach’s Pennsylvania market areas, the average inventory is down by 8.7 percent, with 13,458 for sale in October 2023 and 14,747 for sale in October 2022. Philadelphia County decreased 10.3 percent and Montgomery County decreased 10 percent. Meanwhile, Delaware County decreased by 5.8 percent and Bucks County decreased 5.4 percent.
- In Fox & Roach’s New Jersey market areas, the average inventory is down by 15.4 percent, with 4,515 sold in October 2023 and 5,337 sold in October 2022. Burlington County had the largest drop, down by 18.2 percent and Mercer County had the second largest drop, down by 16.8 percent. Meanwhile, Camden County had a 14.1 percent decrease compared to October 2022.
- In Fox & Roach’s Delaware market areas, monthly average inventory decreased by 5.3 percent, from 1,055 homes for sale in October 2022 to 999 for sale in October 2023. In New Castle County, there were 7.2 percent less homes for sale.
Average Days on Market Decreased
The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 3.6 percent compared to October 2022, with 27 average days on market in October 2023 and 28 average days on market in October 2022.
- In Fox & Roach’s Pennsylvania market areas, the average days on market decreased 3.9 percent, with 24.8 days in 2023 and 25.8 average days on the market in October 2022. Montgomery County’s average days on market decreased 32 percent, while Chester County’s average days on market decreased 14 percent.
- In Fox & Roach’s New Jersey market areas, the average days on market decreased by 13 percent, from 31 average days on market in October 2022 to 27 average days on market in October 2023.
- In Fox & Roach’s Delaware market areas, average days on market changed by 0 percent, with 24 days in October 2022 and 24 days in October 2023. The average days on market in New Castle County decreased 13.6 percent.
Average Sale Prices Increased
The average sale price in the 12-county greater Philadelphia region increased by 7.7 percent compared to October 2022, from $384,595 in October 2022 to $414,294 in October 2023.
- In Fox & Roach’s Pennsylvania market areas, the average sale price was $466,513 in October 2023 compared to $437,090, showing a 6.7 percent increase. Delaware County had the highest increase of 16.8 percent compared to October 2022. Bucks County had the second highest increase in average sale price by 8.5 percent.
- In Fox & Roach’s New Jersey market areas, the average sale price was $382,213 in October 2023 compared to $323,296, showing a 18.2 percent increase from October 2022. Mercer County had the highest increase in sale price of 27 percent. Gloucester County had a 22.3 percent increase compared to October 2022.
- In Fox & Roach’s Delaware market areas, average sale price in Delaware is up by 1.3 percent, from $343,755 in October 2022 to $348,199 in October 2023. New Castle County sale price increased 2.7 percent.
Properties Under Contract Increased
The number of properties under contract overall in the 12-county greater Philadelphia region is up by 6.2 percent, with 5,944 homes under contract in October 2023, compared to 5,598 homes under contract in October 2022.
- In Fox & Roach’s Pennsylvania market areas, properties under contract have increased by 6.1 percent, from 3,383 under contract in October 2022 to 3,588 in October 2023. Philadelphia County had the biggest increase compared to October 2022, of 15.6 percent, while Delaware County increased 4.2 percent compared to October 2022.
- In Fox & Roach’s New Jersey market areas, properties under contract have increased by 5.9 percent from 1,545 under contract in October 2022 to 1,636 in October 2023. Salem County had the biggest increase compared to October 2022, of 19.4 percent, while Gloucester County increased 6.8 percent compared to October 2022.
- In Fox & Roach’s Delaware market areas, properties under contract in Delaware increased by 8 percent, from 660 properties under contract in October 2022 to 713 properties in October 2023. Properties under contact in New Castle County increased 8.5 percent compared to October 2022.
Main Line:
- Home sales on the Main Line’s nine major municipalities/townships have decreased 7 percent, with 185 homes sold in October 2023, compared to 199 homes sold in October 2022.
- Average sale price increased by 5.9 percent, from $750,264 in October 2022 to $794,608 in October 2023.
- Properties under contract have increased by 7.4 percent, with 204 in October 2023 and 190 in October 2022.
- Monthly average inventory decreased by 4.2 percent, with 549 homes for sale in October 2023 and 573 homes for sale in October 2022.
- Average days on market increased by 22 percent, with 28 days on market in October 2023 and 23 days on market in October 2022.
Jersey Shore:
- Atlantic County’s home sales decreased by 19.8 percent, with 320 homes sold in October 2023 and 399 homes sold in October 2022. The average price of properties sold increased by 18 percent, from $502,881 in October 2022 to $591,306 in October 2023. Properties under contract decreased by 3.8 percent, from 317 under contract in October 2022 to 305 under contract in October 2023. Average days on market is down by 16.7 percent compared to October 2023. Monthly average inventory is down by 4.6 percent.
- Cape May County home sales decreased 24.7 percent, with 165 homes sold in October 2023 and 219 sold in October 2022. The average price of properties sold increased by 6 percent. The monthly average inventory is down by 7.7 percent and properties under contract are down by 3.8 percent, compared to October 2022.
Lehigh Valley:
- Home sales in the Lehigh Valley decreased by 13 percent, with 516 homes sold in October 2023 compared to 593 homes sold in October 2022.
- Average sale price on homes is up by 9.8 percent, from $323,600 in October 2022 to $355,315 in October 2023.
- Monthly average inventory is down by 31.5 percent, with 1,406 homes for sale in October 2023 compared to 2,053 homes for sale in October 2022.
- Average days on market decreased by 2.7 percent, from 19 days in October 2022 compared to 18 days in October 2023.
- Properties under contract have decreased by 4 percent, with 526 properties under contract in October 2023 and 548 under contract in October 2022.
Note, the Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). The Lehigh Valley region includes both Lehigh and Northampton Counties. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.
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