Your 2022 Compass Market Report
From the city of Philadelphia to the suburbs, it should always be top of mind to take note of trends happening in our local market. Here is our 2022 Annual Market Report, which provides an in-depth look into the true numbers of the real estate market, providing a pulse check on the market amongst our area’s most desirable counties and neighborhoods. Read on to discover a real estate market recap, broken up by county. Juicy data indeed!
I am a numbers guy and our annual report was just released with lots of relevant information. Overall, the number of home sales in all counties was down between 14% and 23%. Those fewer sales contained 6%-11% higher sale prices in all counties except Philadelphia County which increased just 1%. The time it took to sell a home was 3% longer in Philadelphia County while homes sold up to 14% faster in all other counties. The Main Line properties are selling 10% - 46% faster than last year. Please flip through the report and check out the numbers for yourself.
Philadelphia was relatively flatline with the days on the market (the time it took to sell a home) and the average sale price which hovered around $325k citywide. Days on market is just over 30 days for Philly, and around 20 days consistent in all other surrounding counties, all following suit with nearly identical average sale prices as well.
Quick Hitter Sales Statistics:
/ Philadelphia - 13% fewer sales
/ Mongomery County - 20% fewer sales, 6% increase
/ Bucks County - 18% fewer sales, up 11%
/ Chester County - 23% fewer sales, up 9.5%
Serving 70 markets across 350+ offices, Compass is now the #1 real estate brokerage in the US. Pairing a national network of top agents with the industry’s best technology, we’re delivering a seamless, flexible client experience. As we reflect on 2022's market report and look forward to the real estate market of 2023, I want to emphasize that now is truly an excellent time to buy or sell. Buyers and sellers are as enthusiastic and motivated as ever to aggressively get back on the market in 2023!
To learn about how we can leverage today’s market to make the most of your next purchase or sale, connect with our team today.