Philadelphia Housing Market

Home sales in Philadelphia slowed more sharply than in any other major U.S. market in April. At the same time, a surge in for-sale listings has expanded buyers’ options, prompting many sellers to trim sale prices—conditions that may fuel more buying activity in the months ahead.

Philadelphia ranked eighth among the 40 largest U.S. markets in total home sales in April, yet cooled more than other large markets. April’s weaker sales performance prolonged a cautious trend that has defined 2026 so far. In April, mortgage rates rebounded while inflation in Philadelphia outpaced the nation’s, weighing on buyer activity.

Not all segments of the market are feeling the pressure equally, however. The high-end condo market bucked the broader trend, with buying momentum rising. Demand re-emerged in April in Center City’s most prestigious condo buildings even as the broader market cooled.

Philadelphia’s active inventory surged 18.4% year over year in April—roughly three times the national pace. Buyers had more options than in any April since 2021, which could support stronger home sales in the months ahead.

Even so, inventory remains deeply constrained, sitting 42% below April 2019 levels. While months of supply improved to 3.5 from a very tight 3.0 last April, it still falls short of a balanced market. While sellers retain the upper hand, buyers are gradually gaining leverage as the volume of sale listings increases and price growth moderates.

The median home sale price rose 1.3% year over year, a deceleration from the stronger gains recorded in recent years. With sales retreating in April, sellers may face pressure to trim further asking prices to move inventory.

Price trends follow recent population migration patterns. Philadelphia’s western suburbs and Southern New Jersey captured the largest share of new residents in recent years, and single-family homes in those areas have consistently posted the strongest price gains. Western suburban neighborhoods—including Lower Merion, Newtown Township, Conshohocken, and Havertown—have led appreciation by dollar value, while Haddonfield, Moorestown, and Lumberton have ranked among the top performers on the South Jersey side.

The median home sale price in Philadelphia increased by 1.3% compared to the same time last year, while the national median price rose by 1.7%.

Philadelphia median home prices rose by $5,000 year over year on a nominal basis in April to $390,000. Meanwhile, the national median home price increased by $6,500, to $390,000.

Philadelphia was the 27th highest-priced housing market among the 40 largest markets last month. The Philadelphia median home price was equal to the national median home price. Philadelphia's median home price in April compares to the market's peak of $410,000 recorded in July of 2025.

The median price of Philadelphia single-family homes rose $25,000 over the past year to $495,000, while the median townhome price grew 6.0%, and the median condo price did not change.

The number of active listings in Philadelphia increased by 18.4% in April compared to the same time last year, while national active listings rose by 6.3%.

Philadelphia active listings rose by 2,694 year over year in April to 17,337 active listings. Philadelphia ranked fifth, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

Philadelphia active listings were below their pre-pandemic levels in the month of April. Philadelphia active listings were 41.6% below the April 2019 total of 29,667.

Philadelphia single-family active listings grew by 15.1% to 7,205 in April. In comparison, townhome active listings rose by 21.7% to 8,447 in April, and condo active listings increased by 16.9% to 1,685.

The number of home sales in Philadelphia decreased by 8.2% in April compared to the same time last year, while national home sales rose by 0.6%.

Philadelphia home sales declined by 410 year over year on a nominal basis in April to 4,600. For context, 5,010 sales closed in Philadelphia in April 2025.

Philadelphia ranked 40th for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April decrease of 8.2% compares to the 0.9% year over year decrease in April 2025.

Philadelphia single-family sales decreased by 11.8% in April to 2,219. In comparison, townhome sales fell by 6.1% to 1,979, and condo sales rose by 4.4% to 402.

For questions and commentary about this report:

Brenda Nguyen, Director of Market Analytics at CoStar and Homes.com, based in Philadelphia, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Brenda Nguyen

Director of Market Analytics

Homes.com

bnguyen@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home price appreciation, inventory changes and sales volume in Philadelphia during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.