“We’ve enjoyed a so-called ‘seller’s market’ created by an inventory shortage for the past couple of years and as we enter the Spring market, many are curious to know: can we expect more of the same? Yes and No. Inventory levels have not improved enough to reach a balanced market. That said, buyers are tiring of the aggressive competition and some are holding out. Philadelphia was one of a handful of cities that realized the greatest rental hike in 2018, a promising statistic for sellers, and a good motivator for buyers.
Philadelphia’s housing market shows more of the same that we experienced in the third quarter of 2018. With the recent deceleration in prices after several years of appreciation, the typical Philly home is worth the same as it was a year ago. One upside to the recent cooling of house prices is the enhanced housing affordability in the city.“
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