If you are hoping to see housing prices drop in the Philadelphia region, you might be in for quite a wait, according to Berkshire Hathaway HomeServices Fox & Roach CEO Larry Flick V, writes Ryan Mulligan for the Philadelphia Business Journal.

Low housing inventory is “strangling the market” and continuing to keep both demand and prices up high with the chances of that changing in the next year being slim, even if interest rates decline, said Flick at the Business Journal’s State of the Economy event.

The median home price in Greater Philadelphia reached a record of $370,000 in June, which is a 4.2 percent year-over-year increase as well as a seven percent increase over May. The four collar counties all recorded a price increase of at least five percent over the previous June. This includes a whopping 8.4 percent increase in Chester County.

“I expect that to continue as long as demand exceeds supply, which I think will continue to occur for the next year or so,” said Flick.

Read more about the housing market in the Philadelphia Business Journal.

The Reality of the 2023 Pennsylvania Housing Market.