Report: Philadelphia among best markets for buyers
Planning on buying a home in Philadelphia soon? Now is a good time as the market is in the buyers’ favor, according to a new report.
Planning on buying a home in Philadelphia soon? Now is a good time as the market is in the buyers’ favor, according to a new report.
In Zillow's latest analysis of buyers' and sellers' markets, Philly ranked third in the nation for the top buyers' markets. This means that homes are staying on the market longer, sellers are typically cutting prices more frequently, and homes are sold for less than relative to their listing price.
The two markets ranked above Philly are Providence, RI and Cleveland, OH. Pittsburgh came in at number 6, and New York/northern New Jersey ranked at number 8.
To get the results, Zillow analyzed data on sales prices compared to the asking prices, the number of days on the market, and the percentage of homes with a price cut.
Philly didn't rank in the top 10 markets for sellers, where the West Coast dominated.
The full buyers' market list is below:
1. Providence, RI
2. Cleveland, OH
3. Philadelphia, PA
4. Milwaukee, WI
5. Chicago, IL
6. Pittsburgh, PA
7. Tampa, FL
8. New York/Northern NJ
9. Cincinnati, OH
10. Jacksonville, FL
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