Philadelphia, PA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Philadelphia Housing Market Information

With a population of 1,584,064, 594,778 total housing units (homes and apartments), and a median house value of $193,281, Philadelphia real estate and house prices are near the national average for all cities and towns.

Row houses and other attached homes are the single most common housing type in Philadelphia, accounting for 58.82% of the city's housing units. Other types of housing that are prevalent in Philadelphia include large apartment complexes or high rise apartments ( 18.31%), duplexes, homes converted to apartments or other small apartment buildings ( 14.57%), and a few single-family detached homes ( 8.04%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

The most prevalent building size and type in Philadelphia are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 51.33% owning and 48.67% renting.

The housing in Philadelphia was primarily built before 1939 ( 41.62%), making the housing stock in Philadelphia some of the oldest overall in America, although there is a range of ages of homes in Philadelphia. The next most important housing age is between 1940-1969 ( 39.38%), followed by between 1970-1999 ( 13.88%). There's also some housing in Philadelphia built between 2000 and later ( 5.12%).

Vacant housing appears to be an issue in Philadelphia. Fully 12.90% of the housing stock is classified as vacant. Left unchecked, vacant Philadelphia homes and apartments can be a drag on the real estate market, holding Philadelphia real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Philadelphia Home Appreciation Rates

Appreciation rates for homes in Philadelphia have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 40.45%, which ranks in the top 30% nationwide. This equates to an annual average Philadelphia house appreciation rate of 3.46%.

Appreciation rates are so strong in Philadelphia that despite a nationwide downturn in the housing market, Philadelphia real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Philadelphia appreciation rates continue to be some of the highest in America, at 4.94%, which is higher than appreciation rates in 70.12% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Philadelphia. Philadelphia appreciation rates in the latest quarter were at 1.45%, which equates to an annual appreciation rate of 5.93%.

Relative to Pennsylvania, our data show that Philadelphia's latest annual appreciation rate is higher than 70% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Philadelphia differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Philadelphia - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Philadelphia real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$193,281

Philadelphia, PA HOME PRICES

> $1,280,000
1.2%
1.2%
$960,001 - $1,280,000
1.0%
1.0%
$640,001 - $960,000
3.4%
3.4%
$512,001 - $640,000
3.3%
3.3%
$384,001 - $512,000
6.6%
6.6%
$256,001 - $384,000
16.7%
16.7%
$128,001 - $256,000
35.9%
35.9%
$64,001 - $128,000
23.1%
23.1%
$0 - $64,000
8.9%
8.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for PA

Value Relative To Nation

Number Of Homes And Apartments:
594,778

Philadelphia Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
171.83% 4.94%
10
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,367 / per month

Homeownership Rate

Owners
51.3%
51.3%
Renters
48.7%
48.7%
Vacant
12.9%
12.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
5.1%
5.1%
1970 - 1999
13.9%
13.9%
1940 - 1969
39.4%
39.4%
1939 or Older
41.6%
41.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
8.0%
8.0%
Townhomes
58.8%
58.8%
Small Apt. Buildings
14.6%
14.6%
Apt. Complexes
18.3%
18.3%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.0%
4.0%
1 Bedroom
15.8%
15.8%
2 Bedrooms
22.2%
22.2%
3 Bedrooms
46.2%
46.2%
4 Bedrooms
8.8%
8.8%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES