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

FAQs

Are home prices dropping in Philadelphia? ›

Philadelphia Housing Market Trends

In June 2024, Philadelphia home prices were up 3.7% compared to last year, selling for a median price of $280K. On average, homes in Philadelphia sell after 42 days on the market compared to 41 days last year. There were 1,289 homes sold in June this year, down from 1,522 last year.

Philadelphia is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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.

Yes. This is the best time to buy a house in Pennsylvania. With the current trend in the PA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

The U.S. Census Bureau data indicates Philadelphia's population now stands at about 1.6 million residents, meaning a 1% drop occurred between July 2022 and July 2023. The data also shows that since April 2020, Philadelphia's population declined 3.3%, or by 53,251 residents.

So when it comes to how to deal with estate agents when buying, while you'll want to make sure you're polite and pleasant, treat it as a game of poker and play your cards close to your chest. Never let the estate agent know your bottom line (if you're selling) or your maximum budget (if you're buying).

The average home value in the Philadelphia-Camden-Wilmington area stands at $341,744, reflecting a 6.4% increase over the past year. The market forecast indicates a positive trajectory with a projected growth of 3.1% for the next year.

Is buying in Philadelphia a good investment? ›

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.

Tight Inventory and Increased Competition

The demand for property in Philadelphia is at an all-time high right now.

But there is a real definition: The Department of Housing and Urban Development (HUD) standard for being affordable calls for your spending no more than 30% of your income to pay for your rent or mortgage, utilities, and other housing costs.

The city has for decades struggled to manage and offload a catalog of about 6,000 vacant properties it accumulated as property owners abandoned lots or lost them over unpaid taxes or other liens. Land was split between different landholding agencies and firewalled behind an opaque and convoluted sale process.

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).

Average Home Prices: The average median home price in Pennsylvania is $264,700, up by 6.6% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 97.9%, with an increase of 0.6% YoY compared to January 2023.