In Philadelphia’s collar counties, the luxury-home market is most competitive in and around the $1 million to $1.5 million range, which has the lowest amount of supply compared to demand, the fastest sales and the highest amounts that buyers end up paying over the asking price. This spring, luxury-home buyers faced strong competition across the Philadelphia metropolitan area, which includes counties in Pennsylvania, New Jersey and Delaware. The typical home for sale priced in the top 5% of the market sold fast, and just over half of the luxury homes that sold went for more than the listing price, according to a report from Bright MLS. Read the full article in the Inquirer.
Source: Philadelphia Inquirer; 8/12/2024