Top Real Estate Agents in Philadelphia, Pennsylvania

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2023 Philadelphia, Pennsylvania Housing Market Summary

Philadelphia, Pennsylvania started 2023 with a total of 2,745 single-family homes on the market, with a median home price of $265,000 and an average price per square foot of $213. By the end of the year, inventory had decreased to 2,488 homes on the market (-9%), with a median home price of $249,900 (-5%) and an average price per square foot of $211 (+0%).

At the start of 2023, the median days on market (DOM) was 84 days – by the end of the year, median DOM had remained the same at 84 days.

Philadelphia started the year with 47% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 45% of Philadelphia homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Philadelphia started 2023 as a seller’s market, with an MAI score of 39; by the end of the year, the MAI had dropped to 31 – a balanced buyer and seller’s market.

This market summary is powered by Altos Research – click here to run a free report for your area.

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