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Philadelphia real estate market overview
- Average Monthly Rent: $1,896
- Home Price/Value Percentage Change: 3.00%
- Median Home Value: $213,244
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 67
- Job Market: Weak
- Public School Ranking: 18
Location and weather
Philadelphia is located in the southeastern part of Pennsylvania and is the largest city in the state. Known as one of the top hubs for academic research and higher education, Philadelphia also has a reputation for having the most outdoor sculptures and murals in America. Together with the nearby Wissahickon Valley Park, Fairmount Park is one of the largest contiguous urban parks in the county. Well known for arts, culture, cuisine and history, Philadelphia has created a reputation for itself as the perfect residence for someone looking to live in an exciting city.
The weather in Philadelphia is warm and sunny during summer, but cold and snowy in the winters. Temperatures during the winter can drop to the 20s.
Population, job market and cost of living
The population in 2023 is 1,627,134 with a growth rate of 0.48% annually.
The job market has decreased by -7.24% over the last year. In ten years, job growth is predicted to be 28.36%. Some of the largest contributors to the diverse economy here include advanced manufacturing, food processing and manufacturing, energy production and transition, life sciences, medical technology and distribution and logistics. This city also founded the nation's first hospital, which made way for their currently successful biopharma presence.
Philadelphia is a more expensive city to live in, but housing costs are more affordable when compared to other cities in the region.
Philadelphia real estate market details
- Fairmount
- Northern Liberties
- Passyunk Square
- Fishtown
- Grays Ferry
The average monthly rent in Philadelphia is $1,896 for an average apartment size of 791 sq. feet.
There has been a 3.0% increase in median home value over the last year. As of 2023, the median home value is $213,244.
On average, homes in Philadelphia sell after 67 days on the market.
The best time to sell a home in Philadelphia for the highest value is June. The best time to sell a home quickly is in November.
The affordability index in Philadelphia is 105. This number indicates moderate affordability in this city.
The top ranked public schools are Julia R. Masterman Laboratory and Demonstration School, Conestoga Senior High School, Radnor Senior High School, and The Charter School of Wilmington. This information is dependent on key statistics, reviews from students and parents, and data from the US Department of Education.