A Nuanced Market

Evan Frisina


As the real estate market continues to keep us on on toes (with interest rate fluctuations and market conditions changing by county), I wanted to share what I’m seeing not only in Center City Philadelphia, but also in the neighboring counties in which I frequently represent buyers and sellers.


Yes, while I do live in Center City, I also frequent work with clients in Bucks, Delaware, Montgomery, and Chester County. I know each of these markets intimately. Just two weekends ago, I was showing horse farms in Bucks and Chester Co.; well, one was an alpaca farm but I hesitate to mention that because, while pretty, one particular alpaca greeted me with a hostile side eye and urged me not to get too close.

The Center City Philadelphia market is particularly nuanced these days. Inventory is severely limited but, ironically, buyers aren’t rushing to submit offers as quickly as they were during COVID times. Price-sensitive buyers point to confusion over interest rate waves, and the leases they signed in 2021/2022 when they lost a bid on a house, as reasons why they’ve slowed their home-buying search. Add to the mix uncertainty about tax abatement changes for new construction buyers, changes to remote work requirements, and unflinching sellers — and you have yourself quite an intricate market. Of course, properties are selling in Center City — and certain ones will move within days — but buyers and sellers here really need to work together to find common ground. Buyers in this market are not often waiving inspections and are more discerning about the terms they’re willing to offer.

That’s on the city market.  The suburbs are a different story entirely.


Properties in Bucks, Chester, and parts of Montgomery County, whether they be farms, existing homes, or new construction properties, are moving within days. Some never come to market. Others sell after the first open house. Buyers in these markets need to have all of their ducks in a row before stepping inside a house (ie. be prequalified, have preliminary thoughts on what their “walkaway price” is, and have already brainstormed with their agent about creative offer terms). Escalation clauses are commonplace in these markets. This is a tool that allows buyers to “stay in the game” as competing offers come in; the buyer predefines their offer amount as well as how high they’re willing to pay; if a seller wants a buyer to pay an escalated offer amount, they must show the buyer a competing offer in order to trigger the escalated price. Escalation clauses are a compelling tool for buyers; the trouble is that not all sellers will accept them. Most will, but not all. I wrote an offer a couple of weekends ago for a serene property in Harleysville (Montgomery County); the seller wouldn’t permit an escalation clause and gave buyers one shot to make their best offer. A blind race to the top. These markets are red hot and wildly competitive.

Last, but certainly not least, Delaware County is quite busy as well.  Properties in Upper Providence Media, and the Rose Tree SD, are particularly desirable and have an inventory crunch. Developers are building stunning luxury homes here (hats off to Chris Darhun of Darhun Construction), and prices are climbing. In February, I sold a beautiful new construction home in Upper Providence for $1,340,000; I’m told that “Phase II” is being built with price points from $2-Million - WOW! Media isn’t the only busy market in Delaware County, just one that I point to. I represented a seller in Upper Darby in February. She received a $5,000-over-ask offer for her $180,000 home after only a few days on the market. I think Delaware County (Media, mostly) is becoming more and more attractive to the city-dweller who is ready to flock the suburbs and wants to get something truly exceptional for their money (which would be twice as much or more, on the Main Line).

Are you curious about market trends in your neighborhood? Sent me an email at evan@evanfrisina.com and I’ll let you know what I’m seeing. I’m also happy to provide feedback on the market value of your home (click here).

Thanks for taking the time to read my Q1 Market Update - and happy spring! 🪴

Be well,
Evan

Evan Frisina is a real estate consultant affiliated with Compass Pennsylvania, LLC, a Pennsylvania real estate brokerage that abides by all equal housing laws. All visitors are encouraged to view the Terms of Use and Privacy Policy below. Evan Frisina and Compass Pennsylvania LLC abide by all equal housing opportunity laws. Materials presented on EvanFrisina.com (“the website”) are deemed reliable but subject to errors, omissions, changes, and withdrawal without notice. All information on the website should be independently verified, including property listing data, taxes, and square footage estimates. Nothing on the website should be viewed as professional advice outside of the realm of real estate brokerage services.