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Real estate market holding steady in Philadelphia area

2/17/2016 | Real Estate Blog

The decision to purchase a house is one of the biggest that may individuals who reside in Philadelphia ever make. Recently, information regarding residential sales in the Philadelphia area last year was shared with the public. The report, provided by Berkshire Hathaway HomeServices Fox & Roach, indicates the market is stable.

Overall, the number of residential sales recorded reached the highest point it’s been in four years, up by 12.7 percent over the previous year. Philadelphia County saw the highest number of homes sold. Compared to 2014, the 15,203 sales was an increase of 12.6 percent. Behind this growth is trend we discussed in an earlier post—the influx of people of all ages, including Millennials and baby boomers into urban areas.

The median sale price of homes increased a bit between 2014 and 2015. The median price of $215,000 is 1.4 percent higher than it previously was. Another good sign regarding Philadelphia area residential real estate is the average number of days a property was on the market. In 2015, the average was four days shorter than the previous year.

Because agreeing to pay for the home over the course of many years is a big commitment, the process of purchasing the home should of course be taken seriously. A real estate lawyer can be of assistance in making sure that all of the paperwork is in order. These include financial documents, financing documents and purchase and sale agreements. In addition, they can also assist with declaration of easements, covenants and restrictions. Taking the time to get things right during the purchase and sale of property can reduce the chances of issues arising later.