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.

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 offers a relatively low cost of living compared to other major East Coast cities like New York, making it an attractive option for those seeking affordability without sacrificing urban amenities.

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.

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.

First-time home buyers in the Montgomery County metro now need to earn at least $99,260 to be in a position to buy, the report found. That's a 16% increase over 2023 and about $25,000 less than the metro's median household income. The median sale price for a starter home in the metro is now $315,000.

What credit score do you need for an FHA loan in Pennsylvania? To qualify for an FHA loan in Pennsylvania borrowers need to have a minimum mortgage specific credit score of 580.

PA home buyer stats

If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the U.S. Department of Agriculture), you may not need any down payment at all.

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 a nice area in Philadelphia to live? ›

Q: What is the best area of Philadelphia to live in? A: That depends on your personal preferences and whether you're looking to buy or rent, but many people consider Manayunk, Fishtown, and Rittenhouse Square to be some of the best areas in Philadelphia to live. Bella Vista and Fairmount also get A+ ratings from Niche!

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.

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.

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.