As Greater Philadelphia’s residential real estate market continues to grapple with severely depleted inventory, a Drexel University expert projects buyers can expect much of the same from the local housing market in 2022.
Kevin Gillen, a senior research fellow at Drexel’s Lindy Institute for Urban Innovation, anticipates the year to remain a seller’s market as home inventory stays low and prices continue to climb. The number of homes listed in December fell 6.2% year over year, with 5,100 homes put on the market, while the median sales price rose 9% to $305,000, according to data from MarketStats by ShowingTime based on listing activity from Bright MLS.
*Article courtesy of Philadelphia Business Journal
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