According to Berkshire Hathaway HomeServices Fox & Roach’s HomExpert Report, prices continue to rise despite low inventory and pullback in demand

DEVON, PA– According to the Berkshire Hathaway HomeServices Fox & Roach, REALTORS® HomExpert Report, the number of closed home sales and properties on the market in the Greater Philadelphia area has decreased in all 12-counties as compared to September 2022, continuing to follow recent housing trends. “In the Philadelphia area real estate market, prices continue to rise as inventory remains low,” comments Fox & Roach, REALTORS® CEO, Larry Flick V. “Listing activity has been low, with a limited number of pending sales and new listings. In the midst of mortgage rates reaching a two-decade high, fewer buyers may qualify to purchase homes at the above-average prices, and may be unwilling to adjust their budget to purchase a smaller or lower-priced home. We are hopeful that inventory will grow and that new listings will come on the market.”

Number of Properties Sold Decreased

The number of properties sold overall in September of 2023, in the 12-county greater Philadelphia region, decreased by 24.4 percent from this time last year, according to Fox & Roach’s September HomExpert Market Report©. There were 5,397 homes sold in September 2023, compared to 7,136 sold in September 2022.

  • In Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 9 percent, with 3,216 sold in September 2023, compared to September 2022’s 4,227 homes sold. In Bucks County, home sales were down 30.7 percent. Montgomery County had the second highest decrease, down 26 percent compared to September 2022. Delaware County had a 23.6 percent decrease compared to September 2022.
  • In Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 6 percent, with 1,501 sold in September 2023 and 2,044 sold in September 2022. Mercer County had the largest decrease, down 33.4 percent and Burlington County had the second largest decrease, down 26.9 percent compared to September 2022. Gloucester County had a 25.1 percent decrease.
  • In Fox & Roach’s Delaware market areas, total properties sold decreased by 8 percent, from 846 sold in September 2022 to 670 sold in September 2023. New Castle County had a 18 percent decrease in properties sold in September 2023, compared to September 2022 and Kent County decreased by 27.8 percent.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 14.1 percent, with 19,294 homes on the market in September 2023, compared to 22,458 for sale in September 2022.

  • In Fox & Roach’s Pennsylvania market areas, the average inventory is down by 8 percent, with 12,946 for sale in September 2023 and 14,677 for sale in September 2022. Bucks County decreased 15.2 percent and Montgomery County decreased 15.1 percent. Meanwhile, Philadelphia County decreased by 12.2 percent and Delaware County decreased 9.7 percent.
  • In Fox & Roach’s New Jersey market areas, the average inventory is down by 8 percent, with 4,401 sold in September 2023 and 5,555 sold in September 2022. Mercer County had the largest drop, down by 24.1 percent and Burlington County had the second largest drop, down by 22.8 percent. Meanwhile, Camden County had a 21.7 percent decrease compared to September 2022.
  • In Fox & Roach’s Delaware market areas, monthly average inventory decreased by 1 percent, from 1,093 homes for sale in September 2022 to 961 for sale in September 2023. In New Castle County, there were 15.6 percent less homes for sale.

Average Days on Market Decreased

The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 3.8 percent compared to September 2022, with 25 average days on market in September 2023 and 26 average days on market in September 2022.

  • In Fox & Roach’s Pennsylvania market areas, the average days on market decreased 7 percent, with 23.6 days in 2023 and 24 average days on the market in September 2022. Chester County’s average days on market decreased 22 percent, while Montgomery County’s average days on market decreased 10 percent. Delaware County’s average days on market decreased 9 percent.
  • In Fox & Roach’s New Jersey market areas, the average days on market decreased by 8 percent, from 35 average days on market in September 2022 to 25 average days on market in September 2023.
  • In Fox & Roach’s Delaware market areas, average days on market increased by 2 percent, from 21 days in September 2022 to 23 days in September 2023. The average days on market in New Castle County decreased 4.8 percent and the average days on market in Kent County increased 30 percent.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 8.4 percent compared to September 2022, from $386,580 in September 2022 to $419,086 in September 2023.

  • In Fox & Roach’s Pennsylvania market areas, the average sale price was $471,962 in September 2023 compared to $436,083, showing a 2 percent increase. Delaware County had the highest increase of 18.8 percent compared to September 2022. Montgomery County had the second highest increase in average sale price by 8.5 percent.
  • In Fox & Roach’s New Jersey market areas, the average sale price was $378,347 in September 2023 compared to $334,897, showing a 13 percent increase from September 2022. Camden County had the highest increase in sale price of 20 percent. Mercer County had a 18 percent increase compared to September 2022.
  • In Fox & Roach’s Delaware market areas, average sale price in Delaware is up by 3 percent, from $340,425 in September 2022 to $361,839 in September 2023. New Castle County sale price increased 7.8 percent.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 4.1 percent, with 5,654 homes under contract in September 2023, compared to 5,897 homes under contract in September 2022.

  • In Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 4 percent, from 3,393 under contract in September 2022 to 3,346 in September 2023. Bucks County had the biggest decrease compared to September 2022, of 6.8 percent, while Philadelphia County decreased 2.4 percent compared to September 2022.
  • In Fox & Roach’s New Jersey market areas, properties under contract have decreased by 8 percent from 1,728 under contract in September 2022 to 1,627 in September 2023. Burlington County had the biggest decrease compared to September 2022, of 11.2 percent, while Camden County decreased 10.2 percent compared to September 2022.
  • In Fox & Roach’s Delaware market areas, properties under contract in Delaware decreased by 5 percent, from 762 properties under contract in September 2022 to 674 properties in September 2023. Properties under contact in New Castle County decreased 14 compared to September 2022.

Other September 2023 HomExpert Market Report© findings:

Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 6 percent, with 183 homes sold in September 2023, compared to 196 homes sold in September 2022.
  • Average sale price increased by 4 percent, from $713,152 in September 2022 to $830,209 in September 2023.
  • Properties under contract have decreased by 1 percent, with 174 in September 2023 and 176 in September 2022.
  • Monthly average inventory decreased by 8.5 percent, with 507 homes for sale in September 2023 and 554 homes for sale in September 2022.
  • Average days on market increased by 21 percent, with 15 days on market in September 2023 and 19 days on market in September 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 5 percent, with 319 homes sold in September 2023 and 417 homes sold in September 2022. The average price of properties sold increased by 37 percent, from $501,839 in September 2022 to $685,234 in September 2023. Properties under contract decreased by 5.7 percent, from 369 under contract in September 2022 to 348 under contract in September 2023. Average days on market is down by 5.3 percent compared to September 2023. Monthly average inventory is down by 5 percent.
  • Cape May County home sales decreased 7 percent, with 204 homes sold in September 2023 and 286 sold in September 2022. The average price of properties sold increased by 27 percent. The monthly average inventory is down by 14.8 percent and properties under contract are down by 24.4 percent, compared to September 2022.

Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 4 percent, with 498 homes sold in September 2023 compared to 748 homes sold in September 2022.
  • Average sale price on homes is up by 9 percent, from $338,080 in September 2022 to $364,865 in September 2023.
  • Monthly average inventory is down by 4 percent, with 1,355 homes for sale in September 2023 compared to 2,035 homes for sale in September 2022.
  • Average days on market decreased by 8 percent, from 18 days in September 2022 compared to 18 days in September 2023.
  • Properties under contract have decreased by 9 percent, with 549 properties under contract in September 2023 and 571 under contract in September 2022.

*Editor’s Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). The Lehigh Valley region includes both Lehigh and Northampton Counties. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

About HomExpert Data©

The HomExpert Market Report© is an exclusive product of the Berkshire Hathaway HomeServices Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes BRIGHT Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Berkshire Hathaway HomeServices Fox & Roach service area.

About Berkshire Hathaway HomeServices Fox & Roach, REALTORS®

Berkshire Hathaway HomeServices Fox & Roach, REALTORS® is part of HomeServices of America, the nation’s largest provider of total home services and largest residential brokerage company in the U.S. in sales, according to the 2022 REAL Trends 500 report. The company was named “Real Estate Agency Brand of the Year” and was recently awarded Top Workplaces in 2022. With over 5,000 sales professionals and 500 employees in more than 80 sales offices across the Tri-State area, the company was recently acknowledged as #1, for the eighth year in a row, in the entire national Berkshire Hathaway HomeServices Network. Through its affiliated services, the Trident Group and Prosperity Home Mortgage, LLC; the company provides one-stop shopping and facilitated services to its clients including mortgage financing, and title, property and casualty insurance. The company-sponsored charitable foundation, Fox & Roach/Trident Charities, is committed to addressing the needs of children and families in stressful life circumstances and has contributed over $8.6 million to more than 250 local organizations since its inception in 1995. Visit our Website at www.foxroach.com or for company information and news go to our Newsroom at www.foxroach.com/blog/newsroom.