Philadelphia, PA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Philadelphia? ›

Are Home Prices Dropping in Philadelphia? Contrary to a downward trend, home prices in the Philadelphia housing market have been on the rise. The median sale price has seen a 7.2% increase over the past year, reflecting sustained demand and appreciation in property values.

The One-Dollar Homeownership Program is the answer. These government owned properties are sold to community residents who wish to revitalize neighborhoods through affordable owner-occupied homeownership.

Philadelphia, PA housing market

In June 2024, the median listing home price in Philadelphia, PA was $284.9K, trending up 9.6% year-over-year. The median listing home price per square foot was $220. The median home sold price was $215K.

Philadelphia Housing Market Trends

What is the housing market like in Philadelphia today? In May 2024, Philadelphia home prices were up 1.9% compared to last year, selling for a median price of $270K. On average, homes in Philadelphia sell after 43 days on the market compared to 44 days last year.

Philadelphia stands out as an excellent place to buy investment property for several reasons. The city's stable job market, diverse economy, and growing population create a consistent demand for housing.

A: Yes, it's definitely worth moving to Philly. Especially if living in a city rich with culture, entertainment, and history is important to you. And with a cost of living significantly lower than Boston, New York, and D.C., Philly is pretty darn affordable for a big city in the Northeast.

Affordable housing is generally private housing for lower- to moderate-income tenants that costs no more than 30% of their income. Public or subsidized housing is housing that is owned and operated or paid for by the government.

Why are there so many abandoned buildings and vacant lots in Philadelphia? poverty, bankruptcies, people die, people move to where there is work, people retire and move to warmer climates.

How much does a single person need to make to live comfortably in Philadelphia? The SmartAsset study found a single person in Philadelphia would need to make a salary of $92,726 per year, pre-tax, to live comfortably in the city. That breaks down to an hourly wage of $44.58.

What is the most expensive area to live in Philadelphia? ›

Rittenhouse Square is often considered one of the most sought after and most affluent neighborhoods in Philadelphia, and for good reason. Real estate prices are among the highest in this enclave and Rittenhouse's central location is perfect for easy access to restaurants, shops and Center City office buildings.

💸 Home Building is Expensive

Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses. In most cases, it is more affordable to buy a home for sale in Pennsylvania and move in quickly.

The simple answer is - no - you do not need an attorney to buy or sell a home in Pennsylvania. There is no legal requirement that an attorney be involved in any stage of the transaction. However, the proper question to be asked is if it would be advisable for you to be represented by an attorney.

Levied at a rate of 1.3998%, the tax applies to the assessed value of real property after accounting for any exemptions.

Philadelphia faces a housing crisis, with 4,000 people experiencing homelessness, 40% of households cost burdened, and 22% living in poverty in 2022 (Office of Homeless Services, American Community Survey, 2018-2022).

Where Philly stands. In total, the city's population dropped from about 1.6 million in 2020 to an estimated 1.5 million in 2023. Chester and Montgomery Counties, however, saw 2.9% and 1.4% increases in population between 2020 and 2023, census estimates show.

Over the last few school years, Philadelphia has had a double digit drop-out rate. During the 2020-2021 school year, the dropout rate was 14%. In 2019-2020, the dropout rate was 16.3% and in 2018-2019 the dropout rate was 21.3%.