Residential home sales are hitting peaks last seen in 2006, but this time mortgages are stricter, down payments are higher, and a tight supply is supporting prices.
Most real-estate analysts agree that the pandemic helped ignite the current boom as some urbanites looked to leave crowded cities like New York and San Francisco for cheaper cities or for more space in the suburbs while working from home.
Market watchers also say that a number of longer-term trends are at play that should keep the housing market hot, or at least steady, even after Covid-19-related demand fades. Median sale prices increased an average of $30K year over year in the Greater Philadephia Region. As inventory challenges continued, now more than ever, homes are selling for top dollar! We continue to be in the hottest Seller’s market, if you were thinking of selling your home, Now is the time!