Philadelphia Housing Market

Rising inventory and slower price growth signal a gradual shift in buyers' favor, but a mid-month snowstorm likely skewed February’s figure.

Active listings reached 12,898 in February 2026 — a 13.8% year-over-year increase. While that growth is encouraging for buyers, inventory remains well below pre-2021 levels. Supply is steadily rebuilding, but not quickly enough to meaningfully shift negotiating power away from sellers just yet.

Closed sales dropped 14.1% from last February’s levels to 2,999 — the lowest February figure in over a decade and a continuation of the -9.9% annual decline recorded in January. While February is historically the slowest month for closings, this year's pullback was particularly pronounced, likely compounded by Philadelphia's largest snowstorm in two decades.

The median sale price reached $372,990, reflecting modest annual growth following stronger gains in past years. Price growth momentum has cooled alongside slower transaction volume, likely influenced in part by seasonal weakness and harsher winter conditions that dampened buyer activity. With fewer closings to drive competition, sellers had less room to push asking prices aggressively.

The median home sale price in Philadelphia rose 2.2% in February compared to February 2025, a slowdown from prior months but still ahead of the U.S. at 0.2% for the same period.

Philadelphia ranked 13th among the top 40 markets on a dollar basis, as the median home price rose $7,990 in February compared to a national increase of $885. This was only a fraction of the $30,000 gain in January and the $24,500 gain in December.

Philadelphia’s home sale price grew only 2.2% in February, year over year—the slowest gain since May 2023. While February is typically the slowest month for transactions, this year’s slower appreciation was likely due to a significant winter storm that delayed closings.

Philadelphia’s attached median home prices rose to $300,000 in February, an annual change of $10,000. Detached homes also rose by $10,000 but translated to a 2.3% gain to $450,000. Meanwhile, condo prices remained flat at $275,000.

Philadelphia’s February inventory of active listings continues to edge higher from last year, signaling more options for local buyers heading into the spring buying season

Philadelphia’s 13.8% year-over-year increase in active listings — equivalent to 1,560 additional homes on the market compared to February 2025 — fell just short of the 14.2% national rate. While the gap was narrow, it suggested the Philadelphia market was recovering inventory at a pace roughly in line with the broader national trend.

Philadelphia’s active listings totaled 12,898 in February, a 13.8% year-over-year increase and a significant jump from last February's modest 1.2% gain. With inventory typically at its seasonal low in February, the year-over-year improvement signaled momentum heading into spring, and gave local buyers meaningfully more options than they have had in recent years.

Across the Philadelphia metropolitan area, Port Richmond led with 166 listings, followed by North Philadelphia West with 162, Point Breeze with 145, and Cobbs Creek with 137. Meanwhile, Southern New Jersey saw the sharpest inventory gains. Gloucester Township, Winslow, and Mount Laurel posted the largest year-over-year increases in the broader region, each adding between 31 and 44 listings.

Philadelphia’s home sales dipped to their lowest levels since February 2012, but the retreat in closings was likely due to the month’s snowstorm, the most significant in two decades.

Philadelphia home sales fell to their lowest level since February 2012, recording only 2,999 closings, a 14.1% year-over-year decline. That translates to 493 fewer transactions than in February 2025 and marks the steepest drop among the 40 largest U.S. housing markets, well below the national decline of 3.7%. A significant winter storm likely pushed a number of closings into March.

Cherry Hill Township led with 43 closings, followed by Washington Township with 37 and Winslow with 34. Within the city, Port Richmond was the most active neighborhood, with 27 closings, followed by Mayfair and several Northeast Philadelphia neighborhoods, each with 23, consistent with those areas' higher inventory levels noted earlier.

Philadelphia’s detached homes, typically found in the suburbs, recorded an 18% decline from last February, equating to 312 fewer closings. Attached homes saw an 11.7% decline, or 171 fewer closings, and condos saw a more moderate 3.4% decline, or only 10 fewer closings.

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 February 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.