Venture Philly Group
Center City State of the Market: 2021 Year in Review
It’s officially 2022 and the Center City Philadelphia real estate market is still on fire. As we step into this new year, let’s take a look at how 2021 shaped up. Here’s a look at the number of home sales, days on market, average sale prices and more broken down by neighborhood.
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To get a better understanding of how the market is evolving, we compared the 2021 numbers to 2020. Here are a few key takeaways:
There were nearly a thousand more transactions closed in Center City in 2021 versus 2020.
Average home sale price increased in 13 out of 16 of these Center City neighborhoods
Homes sold faster in 2021 than they did in 2020 in the majority of these neighborhoods. The average number of days on the market decreased to 52 days.
The average number of new listings per month decreased in 2021, however more transactions were closed. This tells us the supply was low and demand was high.
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