Record-low listings and steady price growth define a unique February for the Philadelphia Metro.

The Philadelphia housing market experienced a notable slowdown this past February, as both buyers and sellers appeared to take a step back. While a winter storm certainly played its part in cooling off activity, the underlying data shows some record-breaking trends that could signal a very competitive spring season.

By the Numbers: Key Stats from February 2026

• Closed Sales: There were 3,272 closed sales in February, an 8.5% drop compared to the same time last year.
• Median Sold Price: Even with fewer sales, home values remain resilient. The median sold price rose 2.6% year-over-year to $375,000.
• Record-Low Listings: New listings fell sharply by 14.3% compared to February 2025. With only 4,574 new homes hitting the market, this represents a record low for the month of February dating all the way back to 2003.
• Days on Market: Homes are moving slightly slower, with a median of 26 days on the market, 3 days longer than this time last year.

What This Means for You

For potential sellers, the "hesitancy" we're seeing across the region means inventory remains tight, currently less than half of pre-pandemic levels. If you've been waiting for the "right time," the record-low competition from other sellers could make your property stand out even more.

For buyers, the market is becoming a bit of a balancing act. While inventory grew slightly (2.1% more active listings than last year), the renewed tightness in new listings means you’ll need to be ready to act fast when the right home appears.

Local Spotlights

Market activity varied across the metro area. For example:

• Chester County, PA saw a 6.3% jump in median sold prices, reaching $526,000, with homes selling in a lightning-fast median of just 10 days.
• Mercer County, NJ experienced a massive 13.6% increase in median sold prices, climbing to $477,115.
• Philadelphia County, PA remained the most active with 759 closed sales, though inventory there saw a 6.6% decline compared to last year.

Looking Ahead 

As we head into the spring, all eyes are on inventory. If sellers continue to wait on the sidelines, we may see increased competition and further price growth. Whether you're navigating high mortgage rates or waiting for more options, staying informed is your best strategy in this evolving market.