Philly Housing Market Heats Up: October 2024 Updates Every Buyer Needs to Know!

by Khalid Nathan Aleem

Hey Philly homebuyers, it's Khalid Nathan Aleem, the Real Estate Bul, here to bring you a crucial market update for October 2024. If you’ve been waiting to make your move, now’s the time to tune in because Philadelphia’s housing market is on the move. Let’s dive into the details and what they mean for you.

Closed Sales Up by 14.2%
Over 1,100 homes sold this October—that’s a solid increase. What does this mean for you? The competition is fierce, so if you’re eyeing your dream home, be ready to act quickly and make strong offers. Procrastination could mean losing out on the right property.
Median Home Price Climbs to $270,000
Prices have risen by 6.1% since last year. With these steady increases, budgeting smartly is more important than ever. Sit down with a lender, know your numbers, and have a clear picture of what you can comfortably afford.
Homes Selling in 25 Days
While homes are lingering on the market a little longer compared to last year, 25 days is still quick. This emphasizes the need to stay prepared. Have your pre-approval, your agent, and your must-haves in order, so you can confidently move when the right property comes along.
New Listings on the Rise
Almost 1,850 new homes hit the market in October. This gives you more options, but don’t get too comfortable. Popular properties still sell fast. Partnering with a local expert who knows the ins and outs of the Philadelphia market can be the difference between getting a good home and your dream home.
Showings Skyrocket by 13.2%
Over 27,000 showings took place in October. What does that tell us? Buyers are out there in full force. To stand out in such a competitive market, you need a plan, a trusted advisor, and the right timing.

So here’s the bottom line: whether you’re a first-time buyer or looking to upgrade, the market is hot, and preparation is key.

If you're looking to buy a home, sell a home, or invest in real estate, I've got you covered. Reach out to me at www.SellWithKhalid.com, and let’s navigate the Philly market together. Take care!