Housing market predictions for 2022 state that the number of homes available will be scarce but price appreciation will be slower than it was in 2021. Although spring and summer of 2022 are expected to see increases in listings, it is unlikely that these listings will be able to meet the high demand for homes.
Mortgage rates are at an all-time low and have created a home buying frenzy, with homes being sold within hours of being listed, and for well over the asking price.
According to Realtor.com, Philadelphia, Pennsylvania currently has 7,661 homes for sale, among which there are affordable duplex/triplexes, and affordable apartments. They range from $800 to $25M. The median listing price is $259,000 and the sold home price is $240,000.
Among the properties, 616 homes were newly listed within the last week. Additionally, there are 5,643 rentals, with a range of $70 to $40K per month.