Philadelphia’s real estate market in 2024 continued its upward trend, with housing prices reaching a two-year high despite persistent high interest rates.
According to Bright MLS data, the median home sale price in the city rose nearly 4% from the previous year, reaching $265,000.
Home sales dipped slightly by 0.5%, but demand remained strong in certain areas, particularly in the city’s most expensive neighborhoods.
Chestnut Hill remained the priciest neighborhood in Philadelphia, with a median sale price of $751,000, up nearly 7% from $703,000 in 2023.
Sales in this historic and affluent area, known for its commercial corridor and stately homes, saw an 11% increase over the previous year.
Northern Liberties, East Poplar, and West Poplar followed, with a median home price of $525,000, a 10.5% jump from $475,000 in 2023.
The neighborhood, particularly Northern Liberties, has seen a wave of new residential development.
Northern Liberties real estate remains a strong market, attracting buyers looking for modern urban living.
Queen Village, Bella Vista, Hawthorne, and Passyunk Square recorded a median price of $510,000, up from $483,000 in 2023.
Rittenhouse, Logan Square, and Center City West maintained a steady median of $475,000, slightly above the previous year’s $473,000.
Point Breeze, Grays Ferry, and Southwest Center City saw a slight decline, with a median home price of $435,000 compared to $440,000 in 2023.
Fairmount, Francisville, and Franklintown experienced a modest increase, with the median price rising from $425,000 in 2023 to $434,000 in 2024.
Old City, Center City East, and parts of Society Hill saw a significant jump, with prices climbing from $373,000 to $412,000, moving up two spots in the ranking.
Fishtown, parts of Kensington, and Olde Richmond recorded a median price of $403,000, up from $375,000 the previous year.
Mount Airy and Somerton rounded out the top ten, with median prices of $390,000 and $387,000, respectively, both seeing steady growth.
The broader Philadelphia region also remains home to some of the most expensive real estate in Pennsylvania.
Gladwyne, located on the Main Line, continued to top the list with an average home price of $1.77 million in 2022, reflecting a 12% increase.
Other high-priced areas include Villanova ($1.4 million), New Hope Borough ($1.16 million), and Easttown Township ($1.12 million).
Chestnut Hill ranked 12th among the region’s most expensive areas, with an average price of $889,000 in 2022.
Zillow projects that Philadelphia will be one of the hottest real estate markets in the country in 2025.
While the city’s housing inventory has increased by 5.5% over the past year, it remains below pre-pandemic levels, keeping competition high.
The continued rise in home values, particularly in historically affluent and developing neighborhoods, suggests that demand for property in Philadelphia is unlikely to slow down soon.
As Philadelphia prices climb, the city’s real estate market will remain competitive for buyers and investors.
