ABOVE THE REST.
Empower your Business with Philadelphia’s #1 Real Estate Brokerage
MARKET REPORT
Q3 2024 PHILADELPHIA MARKET REPORT
The Philadelphia real estate market remains very active - with sustained growth in many of the city’s neighborhoods which will be outlined in depth on the following pages. With many experts forecasting decreased interest rates during the end of 2024 and into 2025 - this Fall market is the perfect time for buyers to get back into the market before demand increases. Lowered interest rates will also unlock more inventory as more than 70% of homeowners in Philadelphia are locked into an interest rate below 4%
Home Prices
Moderate Growth: After the explosive growth during 2020-2022, home prices have leveled off in many parts of Philadelphia. Popular neighborhoods like Fishtown, Rittenhouse Square, and Graduate Hospital are maintaining value due to high demand, while more peripheral areas have seen prices soften.
Price Adjustments: In certain neighborhoods, like Kensington and Point Breeze, price corrections have occurred, reflecting a return to more sustainable growth levels after sharp increases during the pandemic. However, homes in prime locations remain in demand, supporting stable prices.
August 2024 Median Price: $278,000
August 2023 Median Price: $260,000 (7% increase)
Inventory
Low Inventory Continues: Despite economic uncertainty, sellers are reluctant to list, keeping inventory levels lower than the seasonal norm. This is particularly noticeable in areas like Society Hill and Old City, where historic homes and prime real estate are scarce.
Interest Rates Impacting Buyers
Higher Mortgage Rates: With mortgage rates still above 6.5%, affordability has become a major concern, especially for first-time buyers. Fed rate cuts announced last month of 50 basis points triggered optimism for future rates heading into 2025 but we are still seeing stagnant buyer activity forecasted through November’s Presidential Election. Higher rates have pushed buyers toward more affordable neighborhoods like West Philadelphia, Roxborough, and Port Richmond, where they can get more for their money compared to pricier areas like Queen Village or Rittenhouse.
WORLD CLASS TECHNOLOGY
Take a test drive of the real estate industries most innovative tech platform. At KW Empower, we have a full-time leadership team in the office daily to assist our agents and a full-time Director of Technology and Lead Generation to provide our agents with unparalleled support to adapt and utilize it’s capabilities.
Lead Generate for Less: Create impactful marketing material, capture qualified leads, and convert them into lifelong clients for less. Partnerships with Meta allow KW Empower agents with the ability to get more bang for their buck when advertising compared to other platforms.
Automate Client Communications: Maintain a human touch as you automate listing checklists, marketing touchpoints, drip campaigns, and more. With Command's elevated workflow management capabilities, you can take the guesswork out of client communications and convert contacts into commissions.
KWIQ: Keller Williams Artificial Intelligence
Say Hello to KWIQ, an AI-powered assistant that combines artificial intelligence with leading real estate expertise. KWIQ gives you answers to your top real estate questions – right from KW Connect and your KW Command dashboard.
Fast | Efficient | Smart
You can access KWIQ directly from KW Connect and your KW Command dashboard. That means you get answers fast – when and where you need them – without having to stop what you're doing to use a third-party website.
Unlike public tools that scrape the web for information, KWIQ gives you answers straight from the source. KWIQ is trained on The Millionaire Real Estate Agent, SHIFT, The ONE Thing, Ignite, KW Answers articles, KW Playbooks, and other tools that hold the KW stamp of approval.
JP Helk: Director of Technology and Lead Generation What’s the value of technology without the proper guidance on how to make it work for you? At KW Empower, JP Helk’s services as our full-time Director of Technology and Lead Generation have been a game changer for our agents. JP meets with all agents moving their business to our brokerage for a technology audit to find gaps and discover solutions on that agent’s tech utilization.
6% of your database will either buy or sell ever year on average while most agents convert less than 1% of that. JP’s services and experience will assist you with creating follow up automation, weekly newsletters, bi-weekly neighborhood nurtures and various smart plans to remain top of mind for all contacts.
Our Team Works for You
Jillian Shur: Director of Marketing, KW Empower Jillian graduated from Penn State University with a degree in Broadcast Journalism. She has a background in social media content creation & management, livestream hosting, and web design.
Part of our transition plan for all agents joining KW Empower is to meet with our Marketing team to strategize a variety of ways to build your brand. If it relates to strengthening your business or brand - our marketing team can deliver new ideas to stand out from the rest.
KW CONCIERGE | MARKETING
Distinctly Unique, Collectively Unstoppable
At KW Empower, we believe you should market your brand and your business, not the brokerage. Our Marketing Concierge team will assist you with everything you need for personal and team branding. Services include logo design, email newsletters, branded listing presentations to business cards and signage. We’ve got you covered for anything you could need to enhance or promote your brand.
Allow our team to show you our services which include: For Sale/Open House Design, Business Cards, Custom Presentations and designing/posting Social Media posts.
Our Team Works for You
TRAINING | RESOURCES
The real estate industry is ever evolving and now, more than ever, skills-based training is more important than ever. At KW Empower, our leadership prioritizes a world-class training calendar every month to provide agents the necessary tools and skillsets needed to succeed in today’s market. Over the past few months - we have pivoted to make sure we are offering weekly trainings to stay ahead of the NAR rule changes, to provide updated buyer and listing presentations.
We host an Education Day every Tuesday at either our South Broad Street Office or our Rittenhouse Office featuring top level agents, leadership or an outside speaker to deliver a workshop for our agents. We believe in collaboration over competition and invite guests/outside agents to use our Tuesday Education Day as a window into how we do things at the office.
On Thursdays, we host an Agent Mastermind weekly called WIN (What I Need) hosted by our CEO Frank Genzano where we discuss pertinent topics on what agents are struggling with. We follow up WIN every week with a hands-on Workshop focused on topics from WIN. This past month, our workshops topics have been 2024 Social Media strategies, 2024 Buyer Consultations and 2024 Listing Presentations.
For our Q2 2024 Training Schedule, reach out to Andrew Pulini (Andrew@kwempower.com) for details.
PRODUCTION-TIERED COACHING
Don’t just survive, thrive in your real estate business. Regardless of where you are currently in your business, whether you’re a new agent or have years of experience - we believe that guidance and support from experienced coaches should be available to all. We have Productivity Coaches and MAPS Coaches on our staff available to agents to help increase productivity, develop and master your skills, become a better leader, and ultimately transform your business.
To learn more about coaching options for you, reach out to Andrew Pulini at Andrew@kwempower.com today.
