Top Real Estate Agents in Philadelphia, Pennsylvania

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2022 Market Summary

Philadelphia, Pennsylvania started 2022 with a total of 2,187 single-family homes on the market, with a median home price of $279,000 and an average price per square foot of $260. By the end of the year, inventory had increased to 2,909 homes on the market (+33%), with a median home price of $265,000 (-5%) and an average price per square foot of $213 (-18%).

At the start of 2022, the median days on market (DOM) was 77 days – by the end of the year, median DOM had increased to 84 days.

Philadelphia started the year with 40% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 47% of Philadelphia homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Philadelphia started 2022 as a strong seller’s market, with an MAI score of 51; by the end of the year, the MAI had dropped to 31 – a balanced buyer and seller’s market.

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