Philly Region Home Sales Hit Four-Year High

Sales of new homes across the 12-county Greater Philadelphia/Lehigh Valley region rose 10 percent last year, bringing total sales to a four-year-high, according to data supplied by BHHS Fox & Roach. | Image via Montgomery County Planning Commission Flickr page

Inventory continues to fall, and median sale prices aren’t shooting upwards, but home sales posted strong gains in 2016 across the Philadelphia region, according to year-end data from BHHS Fox & Roach.

BHHS’ year-end HomExpert Market Report showed that overall home sales throughout the 12-county region comprising Greater Philadelphia, the Lehigh Valley, Wilmington and the Jersey Shore from Atlantic County southward rose 10 percent in 2016 to their highest level in four years. Median sale prices, however, rose a modest 0.9 percent to $220,000.

Sales of existing homes posted their greatest gains in Philadelphia, where they rose 12.7 percent to 17,235. In Center City, total home sales rose 9.9 percent, to 1,702, and in Old City and Society Hill, sales rose 62 percent over their 2015 level, to 332.

Inventory continued a three-year decline, falling 12.7 percent regionwide in 2016 to 32,949 homes. Inventory also moved faster, with average days on market falling from 72 to 69.

The interactive map and infographic below give you the county-by-county breakdowns for the year.

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