T
he Philadelphia and Delaware County real estate markets are experiencing a slowdown, with about half of listings remaining on the market for over 60 days in August. This is the highest percentage for August since 2019, according to Redfin's analysis of its website. The trend is also seen nationwide, where about half of homes for sale were still on the market after 60 days.

    The median number of days that homes sit on the market tends to rise heading into winter and drop in spring due to fluctuations in demand and supply. However, real estate activity has slowed since mortgage interest rates rose from record lows and home prices continued to increase. This has priced out some potential buyers, allowing those still in the market to be pickier and take more time to choose a home.

    The typical U.S. home for sale was on the market for 37 days before going under contract in August, about a week longer than the previous year. In Philadelphia-Delaware County, homes took an average of 41 days to sell, two more days than last August. In contrast, Montgomery, Chester, and Bucks Counties saw homes selling at a faster pace, with an average time on market of 22 days.

    Experts say that while home sales may be slower, it's not necessarily a cause for alarm. Jake Markovitz, an associate broker in Philadelphia, notes that homes selling in weeks instead of days is a sign of a healthier market. He attributes the slowdown to buyers being more cautious and sellers needing to adjust their expectations.

    Philadelphia's real estate market tends to be stable, with moderate highs and lows compared to other cities. In Redfin's analysis of 50 metropolitan areas, Philadelphia-Delaware County ranked in the middle for "extra stale" listings. Seattle saw the quickest home sales in August, while West Palm Beach had the slowest sales.