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Philadelphia Real Estate Market Overview

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Market Overview

Location and Weather

Known as the cradle of Liberty, Philadelphia has a rich American history. It is home to many historical places, including the famous Liberty Bell and Independence Hall, where the Declaration of Independence was signed. Located where the Delaware and Schuylkill rivers meet on the eastern border of Pennsylvania, Philadelphia is Pennsylvania’s largest city.

The summers in Philadelphia are warm and humid, with highs in the mid 80’s and lows in the high 60’s. The cold season is snowy, with highs in the mid 40’s and lows in the 20’s.

Population, Job Market and Cost of Living

Philadelphia’s population grew slightly in 2018 for a 12th straight year of growth, according to Census Bureau estimates. With walkable neighborhoods, a short commutes to work, and access to transit and other amenities, Philadelphia is a great place to live an urban lifestyle. The population in 2018 was 1,584,138 with a growth rate of .25%. The job growth has increased by 1.19% over last year and in ten years, is predicted to be 23.36%. The largest employers are Aramark, Comcast and Crown Holdings.

Computer-based businesses, finance, telecommunications, insurance companies, the printing/ publishing industries, and the biomedical industries are flourishing in Philadelphia. The cost of living is high, due to the Philadelphia real estate market and urban cost of living.

Philadelphia is known for having more public art than any other city in the country. With its rich American history and heritage sites, river location, increased job growth, friendly neighborhoods and short commutes to work with the option of public transit, Philadelphia will continue to attract those that like an urban lifestyle and all the amenities that come with it.

Hottest Neighborhoods:

Fishtown, Brewerytown, Kensington, Francisville

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