Despite what you hear on the news, the Philadelphia real estate market is still showing resiliency.  However, the inventory still stands at all-time high levels and the number of homes sold are much less than the boom years. The properties are also on the market for average of 67 days, about 25 days more than a healthy market. Remember the real estate is local business so pay attention to your local region statistics. A severe contraction in the national economy, however, could mean both higher unemployment and tighter credit conditions for both buyers and sellers that will inevitably affect the local markets and would continue to exert additional downward pressure on house prices. Nobody has a crystal ball but the next few quarters will be watched very closely and will determine how deep the rabbit hole goes for Philadelphia region.

You can reach the full article here at Hallwatch. Be sure to read this to help you make sense of the data. Also note that this report does not include condominiums/co-ops.

This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch. He publishes his result in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community.