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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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 1,567,872, 582,594 total housing units (homes and apartments), and a median house value of $164,733, 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 58.61% of the city's housing units. Other types of housing that are prevalent in Philadelphia include large apartment complexes or high rise apartments ( 17.97%), duplexes, homes converted to apartments or other small apartment buildings ( 15.10%), and a few single-family detached homes ( 8.04%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
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 50.70% owning and 49.30% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Philadelphia's housing was primarily built during this period, from the '40s through the '60s. A full 41.18% of the city's housing hails from this era. Other housing ages represented in Philadelphia include homes built before 1939 ( 40.45%) and housing constructed between 1970-1999 ( 13.91%). There's also some housing in Philadelphia built between 2000 and later ( 4.46%).
Vacant housing appears to be an issue in Philadelphia. Fully 13.19% 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.
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 15.89%, which ranks in the top 40% nationwide. This equates to an annual average Philadelphia house appreciation rate of 1.49%.
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 7.05%, which is higher than appreciation rates in 77.21% 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 1.67%, which equates to an annual appreciation rate of 6.86%.
Relative to Pennsylvania, our data show that Philadelphia's latest annual appreciation rate is higher than 90% 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.
| Value Range | |
|---|---|
| > $1,194,000 | 1.0 |
| $895,001 - $1,194,000 | 0.8 |
| $597,001 - $895,000 | 2.8 |
| $477,001 - $597,000 | 2.8 |
| $358,001 - $477,000 | 6.3 |
| $239,001 - $358,000 | 15.9 |
| $119,001 - $239,000 | 35.1 |
| $60,001 - $119,000 | 24.4 |
| $0 - $60,000 | 10.9 |
| Value Relative to Nation | Value Relative to State |
|---|---|
| 48.2160583941606 | 42.1814671814672 |
| Time Period | Total Appreciation | Avg. Annual Rate |
Compared To
PA* |
Compared To
America* |
|---|---|---|---|---|
|
Latest Quarter:
2018 Q1 - 2018 Q2 |
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|
Last 12 Months:
2017 Q2 - 2018 Q2 |
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|
Last 2 Years:
2016 Q2 - 2018 Q2 |
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|
Last 5 Years:
2013 Q2 - 2018 Q2 |
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|
Last 10 Years:
2008 Q2 - 2018 Q2 |
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|
Since 2000:
2000 Q1 - 2018 Q2 |
134.76% | 4.72% |
10
|
10
|
| * 10 is highest | ||||
| Homeownership | |
|---|---|
| Owners | 50.70 |
| Renters | 49.30 |
| Vacant | 13.19 |
| AGE OF Philadelphia HOMES | |
|---|---|
| 2000 or Newer | 4.5 |
| 1970 - 1999 | 13.9 |
| 1940 - 1969 | 41.2 |
| 1939 or Older | 40.4 |
| TYPE OF Philadelphia HOMES | |
|---|---|
| Single-Family | 8.0 |
| Townhomes | 58.6 |
| Small Apt. Buildings | 15.1 |
| Apt. Complexes | 18.0 |
| Mobile Homes | 0.3 |
| Other | 0.0 |
| SIZE OF Philadelphia HOMES | |
|---|---|
| No Bedroom | 3.80 |
| 1 Bedroom | 16.33 |
| 2 Bedrooms | 22.05 |
| 3 Bedrooms | 46.27 |
| 4 Bedrooms | 8.43 |
| 5 or more bedrooms | 3.11 |
