Rittenhouse Square Real Estate Market 2016
Rittenhouse Square Real Home Sales 2016
The demand for residential real estate in Rittenhouse Square continued to be strong in 2016. See statistics and relevant graphs at the following link:
Sales Breakdown by Property Type
Sales breakdown by Property Category
Condominiums (usually unit/flat): 234
Properties with Homeowner's Association (usually townhouses): 45
Other (usually singles and twins): 53
New Construction (could be of any type): 7
At the time of this post, there are 145 properties for sale in Rittenhouse Square, slightly more than 3 months supply given that approximately 45 properties sold per month in 2016. A market with less than 6 month's inventory is considered to be a seller's market. This is further confirmed by an increase in the average price of homes sold of almost 6%. The increase of almost 3% in the number of homes listed in 2016 was not sufficient to meet the demand for properties. This is a common refrain in the Philadelphia area and indeed in the entire country.
2 - 3% of sales, all townhouses, were new construction. These units are in the Van Pelt Mews and Walnut Estates developments and in the $1.5M - $2.5M price range.