2025 Real Estate Market Update
In July, home prices were up, and the number of closed sales was down in the Philly region.
The chief economist at the multiple listing service Bright MLS, Lisa Sturtevant, points to economic uncertainty as one reason for “lackluster” market activity across the Mid-Atlantic last month. First-time homebuyers and buyers with moderate incomes are sitting on the sidelines.
“It is not just about mortgage rates anymore. Many people are feeling anxious about their own personal financial situations, and that uncertainty is keeping them from making the decision to buy a home,” Sturtevant said in a statement. “Higher-income buyers, those who are still feeling more economically secure, are accounting for a bigger share of housing market activity this summer.”
Higher-end buyers drove up the median sales price in the Philly region last month.
In the Philadelphia metro area, according to Bright MLS:
The median sales price in July hit $420,000. That’s up 6.3% from the same time last year, and it’s a new record high for the region.
In the counties in and around Philadelphia, home prices rose the fastest compared to last July in Gloucester County (up 12.1%) and Montgomery County (up 10.6%).
The number of closed sales in July was down 2.8% compared to last July.
The number of new pending sales in July was up 1.7% from last July. But pending sales so far this year are down slightly from the same period last year.
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