Home prices are on the rise again in some major U.S. cities, sparking enthusiasm that the worst of the real estate bust is in the rear view mirror. And that news is helping Seattle’s crop of online real estate upstarts, including Estately which just announced plans today to expand services in Philadelphia, its sixth new market so far this year.
“The market isn’t merely heating up, it’s on fire,” said Estately CEO Galen Ward. “If your home is for sale for more than a week in most major metros, you’re doing something wrong.”
Founded in 2006 by Ward and Doug Cole, Estately operates a real estate search engine and agent matchmaking service similar to Redfin. With the expansion to Philly, Estately now offers service in 15 states.
“We’ve been growing like a weed this year in part because of the market and in part in spite of it — year-over-year sales were slightly down last month because there just aren’t enough homes on the market to meet demand — and, in spite of growing the team a bunch in the last 12 months, profitability is within reach,” said Ward, whose company now employs 15 people.
Estately’s expansion in Philadelphia follows Redfin’s move into the city three months ago, marking its 19th major market.
Maybe it will be a Rocky Balboa vs. Apollo Creed matchup in the City of Brotherly Love.