“High demand and low supply”. You may have heard that term describing a lesson in your college economics class, but now people are using that term to describe Philadelphia’s housing market. The appreciated value of houses in Philadelphia is up to 6.2 percent. That is almost 5 time the national average of 1.3 percent.
The report from Drexel University‘s Lindy Institute shows the upward trend of home prices in Philadelphia over the last 30 years. The average days on market currently is 53, which is comparable to the trends seen in during our last housing boom in 2006.
Ever since the housing market crash 10 years ago, homebuyers have been told that it is a great time to buy a home.