Our market (Northeast PA) is actually pretty stable and steady most of the time. We don't see the highs that New York, California, and Florida see, but, we don't see the low's either. We're still very affordable, our typical buyer is dual income with 20% down, and we've been seeing more investors and commercial ventures opening and being built in the past few years. The most unfortunate thing is the national media that misleads buyers and sellers across the nation with their dire real estate market analysis. It makes it difficult for areas like ours to convince buyers and sellers that we're actually doing better than okay.
The parts of the country where Real Estate growth was like the turtle and the hare, the hares are winning...this market never had the condo explosion of Miami, or people buying 3 bed / 1 bath 1200 SF homes for $600K like Southern California. Although desirable places to live for many, the more conservative investing and less transient places are holding their own.
My husband and I think the market in Philadelphia is holding up. Homes are on the market for about 90 or so days when they are price correctly. There are certainly less buyers compared to the last 21/2 yrs. There are a lot of values out there for people who are ready and qualified to buy a home. Investors who are looking to flip peoperties may bump into a delay if they over price their product and have expectations of a fast sale. it is a different but exciting time inthe market place here in Philadelphia but holding strong.