If you're looking to buy or sell a house and want to determine the most accurate listing price, utilizing home value estimators can be beneficial. But are they accurate?

All of the sites analyzed below offer property information, but the algorithms have no idea what the condition of your home is in, if you’ve done a renovation, added amenities like a garage or pool, or if the desirability of your street location is 10x better than the older neighborhood down the road.

These tools simply provide an estimate of your home's value, helping you understand the potential pricing, keyword here is Potential!

Additionally, most of these sites can connect you with agents online, but Brokers pay to be recommenced (just like top agents in Philly Mag and Main Line Today) and like all other sites listed below, it’s randomized. So clicking on that property doesn’t mean you’ll get an expert, or the listing agent. You will, however, likely get on a series of spam email and call lists though.

Redfin: Redfin's home value estimator is known for its accuracy, utilizing historical pricing data, real-time demand, and market trends. It doesn’t know what' the value of remodels vs. older homes is, but only an agent can. Buyer beware, Redfin’s showing agents are randomly chosen, so you’re better off scheduling showings through a designated Realtor that you’ve chosen yourself.
Zillow: With data spanning millions of homes, Zillow's Zestimate is a fairly reliable and a free home value estimator. It offers comprehensive data on your home, surrounding properties, and historical trends. Avoid the contact agent button here, it never connects you to the actual listing agent, only paid advertisers.
Realtor.com: Realtor.com provides a good overview of the market, focusing on detailed historical trends. By verifying your ownership, you can access even more in-depth information about your home. However, it's advisable to cross-reference results with other home value websites for accuracy.
Trulia: While Trulia offers detailed information on comparable properties, it requires submitting an inquiry to receive the actual estimate. If you're willing to wait for more information and want a thorough analysis anyway, it’s better to connect with an agent directly for an exact estimate.
Ownerly: Ownerly provides a comprehensive home value estimate, including factors like mortgage refinancing rates, insurance premiums, renovation costs, and utility offers. It's useful for maximizing the value of your current investment and optimizing monthly expenses. It’s reviews on google however, are let’s say less than amazing.
Chase: Chase's home value estimator offers a quick, non-binding check of your property's price bracket. This is good, it’s a range which is honestly the best thing you can get without speaking to a real agent. While it lacks the detailed overview provided by other tools, it's a reliable option for getting a rough idea of your position in the real estate market.
Eppraisal: Eppraisal aggregates data from various home value websites, including Zillow, to provide a comprehensive report. However, for properties with special circumstances, it may rely on larger service providers, potentially affecting accuracy.

It's important to note that home valuation websites rely on public data, comparing sales data and other factors to estimate your home's value. This public data isn’t always accurate, so use these as first estimates, but not accurate estimates.

Get a free home evaluation with Kathryn at Philly Proper below.

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Meet Kathryn Blessington

Locally known as a trend setter in marketing for real estate and design, Kathryn, a Main Line PA native, is ranked as a top luxury real estate agent in Philadelphia and the Main Line. She’s distinguished as the Most Viewed Agent Online nationally in 2021 and 2022 and her deals have been featured in Philly Mag, Philadelphia Style, Main Line Today, Curbed, The Inquire, and notably Architectural Digest.

Looking to buy or sell your home?

about kathryn

In recent times, the real estate market in Philadelphia has garnered attention as potential buyers and sellers seek to understand the prevailing trends. Let’s look at the key price indicators for May 2023 to analyze the current state of real estate prices in Philadelphia, focusing on key indicators from this month and comparing them to data from the previous year. By examining various aspects such as closed sales, market trends, and expert insights, we can provide a comprehensive understanding of whether real estate prices are dropping in Philadelphia.

The chart below shows year over year pricing. The post-pandemic markets and economy are unlike recent cycles, with interest rate fluctuations and inflation, it’s in waves. The dip in pricing across Philadelphia shows this past February has had the largest decrease in home prices over the last two years.

Some important indicators to analyze also include:

Median Sale Price: Analyzing the median sale price can provide valuable insights into the overall price trend in the market. By comparing the median sale price from this month to the same period last year, we can determine if there has been a noticeable decline.
The median sold price in May 2023 was $269,900, showing a decrease of 6.93% compared to May 2022. The average list price for sold properties in May 2023 was $348,648, showing a decline of 1.48% this year.
Average Days on Market: The average number of days that properties stay on the market can indicate the level of demand and the speed at which homes are being sold. A significant increase in the average days on market may suggest a softening market with declining prices.
The average number of days on the market increased to 48 days in May 2023, representing a 60.00% increase from May 2022.
Inventory Levels: Assessing the inventory levels in Philadelphia can help gauge the balance between supply and demand. A surplus of available properties may put downward pressure on prices, while limited inventory could indicate a more competitive market.
There were 1,443 units sold in May 2023, indicating an 18.24% decrease compared to May 2022.

In addition to the key price indicators mentioned above, it is important to consider other relevant information to provide a comprehensive analysis of real estate prices in Philadelphia. Here are some additional factors to consider:

Market Trends: Examining the overall trends in the Philadelphia real estate market, such as the number of listings, closed sales, and pending sales, can shed light on the current market conditions and potential price movements.
In May 2023, there were 4,177 active listings, reflecting a 7.99% increase compared to May 2022.
The total number of pending listings, including new and previously pending properties, was 2,253 in May 2023, reflecting a decrease of 26.85%.
The number of new listings in May 2023 was 1,957, showing a decrease of 23.97%.
The increase in active listings suggests a rise in available properties, which could potentially influence pricing dynamics. However, the significant decrease in new listings and all pendings indicates a decline in market activity and demand compared to the previous year.
Local Economic Factors: The state of the local economy can have a significant impact on real estate prices. Factors such as employment rates, income levels, and economic growth can influence the demand for housing and subsequently affect prices.
Statistics show Philadelphia are employment is up 3% in 2023 compared to the same time last year, which means declining home prices are likely a fallout of both the shift in desires of consumers post-pandemic, and increasing mortgage interest rates which have fluctuated from 6-7 % since the new year. Economists are anticipating two potential fed rate hikes later this year, which could drive mortgage rates higher.
Expert Insights: Seeking insights from real estate professionals, such as realtors and market analysts, can provide valuable perspectives on the current state of the market and offer insights into buyer and seller behaviors, emerging trends, and predictions for future price movements.
So, are real estate prices going to go down in 2024?
“Every neighborhood has varying key price indicators right now.” Says Kathryn Blessington, a Center City Realtor for over 9 years.
“Centrally located neighborhoods like Rittenhouse, Graduate Square, Queen Village, and Washington Square West have has continued growth in the single family market, including new construction development, whereas gentrifying neighborhoods have seen drops in pricing as rates fluctuate and homes sit on the market for longer than they have in recent years. It’s a great time to buy in Philadelphia because there’s less competition, and sellers are more willing to lower pricing within the city limits. If rates go up again this year, those dips in price won’t matter and your mortgage will be higher regardless”

Analyzing key price indicators, market trends, and additional information can provide a comprehensive understanding of whether real estate prices are dropping in Philadelphia. By considering these factors, potential buyers, sellers, and industry professionals can make informed decisions regarding real estate transactions in the Philadelphia market.

If, the inflation rate is flattened to 2% then the feds will in theory lower interest rates, which in turn can lower mortgage rates, which means folds can afford to buy higher priced homes and therefore the price of homes will likely increase somewhat. As population growth implies, we don’t have enough inventory to meet the demand as is.

“High mortgage rates is the primary reason sellers give me for not wanted to list yet. You’re seeing less homes on the market because sellers don’t want to trade their equity for a higher mortgage payment in a smaller home elsewhere. Who would? “ asks Kathryn. “This increased demand in the market from buyers paired with lower inventory and rising cost of new construction is the reason home prices aren’t dropping, and why more and more folks are leaning into rentals, both consumers and investors.”

There’s only one way to find out what’s really going on in your area, and that’s through your top local realtor in the Philadelphia market. Contact Kathryn Blessington at PhillyProper for all of your real estate questions.