Whenyou’reworkingwithaKWEmpowerRealtor-youareworkingwiththetoprealestate professionalsinPhiladelphia. Ouragentshaveadedicationtoservingourclientsatthe highestlevelpossiblewhichisdemonstratedbyourlocaldominanceinthePhiladelphiareal estateindustry.
In2024-KWEmpoweragentshavebeeninvolvedin1outofevery4realestate transactionsinthecityofPhiladelphia.Ourassociatesaremorethanjustagents-theyare localneighborhoodexperts.Astheindustrychangesandthemarketevolves-experience carriesmoreweightthaneverbefore.Now,morethanever,itiscriticaltoworkwithatop localRealtortoachieveyourrealestategoals.
Thusfarin2024,thathavebeen8,900transactionsinPhiladelphiaCounty-outofthose,a KWEmpoweragenthasrepresentedoneoftheclientson1996ofthem-morethan22%
WhatmakesKWEmpowerRealtorsdifferent?
Tostart,weunderstandthateveryclienthastheirownindividualneedssowetaketimeto fullyunderstandtheiruniquelifestyles.WhenyouworkwithaKWEmpowerRealtor,youare promisedtoreceive:
ThePhiladelphiarealestatemarketremainsveryactive-withsustainedgrowthinmanyofthecity’s neighborhoodswhichwillbeoutlinedindepthonthefollowingpages. Withmanyexpertsforecasting decreasedinterestratesduringtheendof2024andinto2025-thisFallmarketistheperfecttimefor buyerstogetbackintothemarketbeforedemandincreases.Loweredinterestrateswillalsounlockmore inventoryasmorethan70%ofhomeownersinPhiladelphiaarelockedintoaninterestratebelow4%
HomePrices:
ModerateGrowth:Aftertheexplosivegrowthduring2020-2022,homepriceshaveleveledoffinmany partsofPhiladelphia.PopularneighborhoodslikeFishtown,RittenhouseSquare,andGraduate Hospitalaremaintainingvalueduetohighdemand,whilemoreperipheralareashaveseenprices soften.
PriceAdjustments:Incertainneighborhoods,likeKensingtonandPointBreeze,pricecorrectionshave occurred,reflectingareturntomoresustainablegrowthlevelsaftersharpincreasesduringthe pandemic.However,homesinprimelocationsremainindemand,supportingstableprices.
August2024MedianPrice:$278,000
August2023MedianPrice:$260,000(7%increase)
Inventory:
LowInventoryContinues:Despiteeconomicuncertainty,sellersarereluctanttolist,keepinginventory levelslowerthantheseasonalnorm.ThisisparticularlynoticeableinareaslikeSocietyHillandOld City,wherehistorichomesandprimerealestatearescarce.
FewerListingsbutFasterSales:Homesthatdocometomarket,especiallyinpopularneighborhoods, tendtomovefaster Propertiespricedrightoftenseemultipleoffers,thoughtheintensebiddingwarsof 2021havecooled Thedaysonmarketinmanyneighborhoodshaveslightlyincreasedbutremain lowerthanpre-pandemiclevels.
2024SalesJan-September:10,595(-3%)
2023SalesJan-September:10,945
2024DOM September2024:45(14%)
2023DOM September2023:39
InterestRatesImpactingBuyers:
August2024Inventory:6,492ForSale(-3%)
August2023Inventory:6,701ForSale
HigherMortgageRates:Withmortgageratesstillabove6.5%,affordabilityhasbecomeamajor concern,especiallyforfirst-timebuyers Fedratecutsannouncedlastmonthof50basispoints triggeredoptimismforfutureratesheadinginto2025butwearestillseeingstagnantbuyeractivity forecastedthroughNovember’sPresidentialElection.Higherrateshavepushedbuyerstowardmore affordableneighborhoodslikeWestPhiladelphia,Roxborough,andPortRichmond,wheretheycan getmorefortheirmoneycomparedtopricierareaslikeQueenVillageorRittenhouse.
