As you can tell from the answers, it depends, compared to what and what area do you want to consider. The Delaware Valley,the Greater Philadelphia area or Philadelphia County? Considering Philadelphia County only, it has fared well over the last 5 years. In 2007 there were 15,791 residential sales at an average sold price of $185,072 and market time of 65 days. As of the end of 2011 there were 9,755 sales at an average price of $180,351 with 85 days on market. This is per TrendMLS for any residdential unit in the county.
Therefore the number of units sold is down about 40% and the time to sell has increased 28 days or abot 30% but the good news is the average sold price is down about $5,000 or only 3%. Considering the doom and gloom elsewhere in the country this is great news.
Fran and Mark Redding
Prudential Fox & Roach Realtors
1010 Stony Hill Road
Yardley PA 19067
The city proper, has fared better than its suburbs, though within Philadelphia, there is wide variation. The entire region has done much better than most of the country. Homes that are properly priced to their condition sell, and the nice ones often very quickly. Homes that are in so-so shape, only sell at a discount
Hope this is useful to you.
Long & Foster Real Estate
Philadelphia is a large city with many diverse residential neighborhoods and vast outlying residential suburbs. The market in the most dense urban areas has been strong. The more suburban areas are lagging behind in sales by comparison. That being said, the city on the whole, has fared well over the past few years and 2012 is coming in strong.
Ana Barlow, Coldwell Banker Preferred
My office recently put a property under agreement in 5 days because it had the secret ingredient of being priced right and showing well
Michael P Cohen remax access 610-642-0347
Center City and the peripheries are doing well. The outer parts are still having issues.
Properly priced homes in great condition in the right areas are flying off the shelf.
U S Spaces, Inc
That's a pretty general question, but I'll do my best.
Overall, Philadelphia has fared very well as a city for overall real estate values. Some neighborhoods had their losses, but other neighborhoods actually experienced gains.
If you interested in Philadelphia real estate, please reach out to me and we'll go over some specifics. All of my contact information is below.
Timothy M. Garrity | REALTORÂ® & Consultant
U S Spaces, Inc. | #RS314897
215-829-8850 x267 - Office
267-879-2716 - Mobile