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

FAQs

Are home prices dropping in Philadelphia? ›

Summary: Philadelphia housing prices by bedroom type for July 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.2%, 2 bedroom homes decreased by 1.1%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes increased by 6.8%.

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 One-Dollar Homeownership Program is an unprecedented partnership between NACA and cities and towns across the nation to create affordable homeownership for low to moderate income homebuyers in underserved communities. Community residents can purchase a vacant house or lot from the city for only one dollar.

Philadelphia Housing Market Trends

What is the housing market like in Philadelphia today? 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.

It's a top-tier U.S. city known for its range of cultural, historical and recreational attractions - especially among East coast cities. Living in Philadelphia means having access to all the conveniences of a metropolitan city including public transportation, and all the charm of a small town.

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.

It found that a single Philadelphia resident needs to make $92,726 yearly to live comfortably, which breaks down to a $44.58 hourly wage. For a pair of working adults with two children, the study found that a comfortable household income is a whopping $231,379 in Philadelphia.

Pennsylvania's biggest city doesn't come with its largest price tag. In fact, buying a home in Philly will cost about $300 less per month than renting.

Autumn: Fall has determined sellers who look to settle elsewhere before winter. That's why they are open to negotiations and may accept lower asking prices in September, October, and November. Winter: Housing prices are at their lowest in December, January and February.

I make $25K a year; can I buy a house? Yes, if you make $25K a year, you can likely afford around $580 per month for a monthly mortgage payment. With a 6% fixed rate and a 3% down payment, this could buy you a house worth about $100,000. However, consult a mortgage lender for exact numbers tailored to your situation.

What is considered affordable housing in Philadelphia? ›

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.

Unlike some states, Pennsylvania does not require that buyers involve a lawyer in the house-buying transaction.

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

And its Home Price Per Square Foot has Increased Almost 50% Over 5 Years. The average home lot in Philadelphia is about 1,420 square feet. Philly's average home size is the fourth smallest of the largest cities averaging around 1,280 square feet.

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%.

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.

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.