Philadelphia, PA Condos for Sale | realtor.com® (2025)

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Philadelphia Housing Market Trends

What is the housing market like in Philadelphia today? 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.

The average rent for apartments in Philadelphia, PA, is between $1,257 and $2,015 in 2024. For a studio apartment in Philadelphia, PA, the average rent is $1,257. When it comes to 1-bedroom apartments, the average rent in Philadelphia, PA, is $1,815. For a 2-bedroom apartment, the average rent is $2,015.

Yes. This is the best time to buy a house in Pennsylvania. With the current trend in the PA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.

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.

The median salary in Philadelphia, PA is $64,006, with 80% of salaries falling between $28,754 and $147,900. Salaries in Philadelphia, PA are generally above the national average.

Among the many cities around the United States, Philadelphia stands out as an advantageous market for rental property investment. A lot of investors are taking an interest in Philadelphia. Some of them are local and others are buying properties here from out of state. Why are people making the move to our city?

Based on all homes sold in the last 12 months. Homes in Philadelphia have sold for 0.8% less than they did a year ago. Summary: The median home sold price in Philadelphia was $259,379 in July 2024, down 0.8% from last year, and the median price per square foot was $197.

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).

Is Economy, PA a buyer's or seller's market? Since last year, Economy has remained a Seller's Market.

Pennsylvania Housing Market Overview

On average, the number of homes sold was down 11.2% year over year and there were 11,650 homes sold in June this year, down 13,139 homes sold in June last year. The median days on the market was 25 days.…