Real Estate 2025: The State of the Market
How have town-by-town house prices for the Greater Philadelphia area changed this year? / Photograph by Jumping Rocks/UCG/Universal Images Group via Getty Images
The real estate market remained stuck in neutral in 2024, with homeowners sitting on the sidelines when it came to selling and buyers stymied by the lack of homes available. And many of those who did land on a place to buy found coming up with the scratch harder. The reason for all this? Interest rates didn’t come down the way everyone hoped they would at the start of the year.
“2024 was almost a copy of 2023,” says Larry Flick V, CEO of Berkshire Hathaway HomeServices Fox & Roach Realtors. “We went into the year expecting some interest rate decreases, but inflation started going up in the second half of the year, so the interest rate decrease never happened.”
Thus sales volume fell slightly thanks to the lack of inventory, while sale prices increased for the same reason. But Flick anticipates that this seller’s market will become more balanced in 2025 — not because interest rates will fall, but because some of those owners sitting on the sidelines will finally feel compelled to sell due to changed life circumstances. “Families are growing, families are shrinking; there are marriages and job changes,” says Flick. “I think the consumers who are facing these personal circumstances are going to adjust to higher rates being the new normal, as they have in previous decades.” And when that happens, he says, sales should start to climb again.
Where We Got Our Numbers
Our charts feature the 2024 median sales prices — the midpoint of all prices, meaning 50 percent sold above it and 50 percent sold below — for municipalities and select zip codes across the eight-county Greater Philadelphia region, along with the number of units sold and average days on market. Price and transaction data derived from HomExpert Market Report, an exclusive product of the Berkshire Hathaway HomeServices Fox & Roach, Realtors’ Research Division. Information is based on MLS data and deemed accurate but not guaranteed. Percentages are rounded to the nearest whole.
Pennsylvania
Philadelphia
Main Line and Select ZIP Codes
Bucks County
Chester County
Delaware County
Montgomery County
New Jersey
Burlington County
Camden County
Gloucester County