City of Philadelphia | A Seller’s Market like no other.
Despite the pandemic, average sales price continued to rise in the first half of 2021. This is due to the fact that, along with home appreciation, more higher-priced homes sold than in previous years.
As for inventory, it remained as tight as ever. At the end of June, Months Supply of Inventory (MSI) in our market area was one month. That’s right…one month! It’s never been that low before. And it was low in all price ranges from $100,000 to over $1 million.
The number of new listings grew, but demand remained so strong that they didn’t stay on the market for long.