DEVON, PA – The latest HomExpert Report by Berkshire Hathaway HomeServices Fox & Roach, REALTORS® reveals significant changes in the Greater Philadelphia real estate market for November 2023. The report covers 12 counties and highlights trends in sales, inventory, and market dynamics.
Decline in Closed Home Sales and Inventory November 2023 saw a 9.7% drop in the number of properties sold across the 12-county region compared to November 2022, with 5,093 homes sold. This decline was reflected across Pennsylvania, New Jersey, and Delaware market areas, with notable decreases in Bucks County (15%), Montgomery County (9%), and Burlington County (15.3%).
The monthly average inventory also decreased by 8.9%, from 20,535 homes in November 2022 to 18,704 in November 2023. This reduction was seen across all three states, with Philadelphia County experiencing a 10% decrease and Burlington County a 21.2% drop.
Shorter Average Days on Market The average time properties remained on the market decreased by 10% region-wide, indicating a faster-moving market. This trend was particularly noticeable in Chester County, PA, with a 25% decrease, and New Castle County, DE, which saw a 6.7% reduction.
Increase in Average Sale Prices Despite fewer properties on the market, the average sale price in the region increased by 6.2%, from $385,565 in November 2022 to $409,566 in November 2023. In New Jersey, the increase was more pronounced, with the average sale price rising by 19.6%, led by Mercer County with a 27.6% surge.
Growth in Properties Under Contract There was a 4.1% increase in properties under contract across the region, suggesting a resilient demand. This rise was most significant in Philadelphia County, PA, with a 14% increase, and Mercer County, NJ, witnessing a 12.4% jump.
Market Outlook According to Larry Flick V, CEO of Fox & Roach, REALTORS®, “With limited inventory driving price growth, homes are selling quickly and for above-average prices.” He noted that buyers with substantial down payments or cash are particularly active, keeping the market in motion. Flick anticipates increased activity in 2024 as mortgage rates fall and demand remains high.