{"id":46301,"date":"2024-07-29T16:34:32","date_gmt":"2024-07-29T23:34:32","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=46301"},"modified":"2026-04-06T00:26:02","modified_gmt":"2026-04-06T07:26:02","slug":"home-values-in-philadelphia-pa","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/home-values-in-philadelphia-pa\/","title":{"rendered":"Home Values in Philadelphia, PA: 2024 Market Update"},"content":{"rendered":"

Wondering how much your home is worth in today’s market? Whether you’re thinking about selling, trying to cancel PMI<\/a>, or just curious about current home values in Philadelphia, PA, having this knowledge can guide your financial future.<\/p>\n

In this article, we’ll explore home price trends in the City of Brotherly Love, dole out advice on getting an accurate home value estimate<\/a>, and share actionable tips to increase your property’s worth. We’ll also introduce tools that can help you secure the best price for your Philadelphia home when it comes time to sell.<\/p>\n\n\n\n\n\n

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\n \"homelight\n <\/div>\n \n

Already Own a Home? What's It Worth Now?<\/h3>\n

Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.<\/p>\n \n

\n Get Estimate<\/a>\n <\/div>\n <\/div>\n<\/div>\n\n\n

Editor\u2019s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.<\/em><\/p>\n

<\/div>\n

Current home values in Philadelphia, PA<\/h2>\n

Since 2020, the median home value in the Philadelphia metro area has surged by nearly 39%. At the beginning of the decade, the typical home sold for $270,000. As of June this year, it reached $400,000<\/a>, marking the highest value on record, according to Bright MLS. The company\u2019s monthly report notes that \u201chome prices were up strongly across all local markets in the metro area.\u201d<\/p>\n

Heading into the second half of 2024, Bright MLS expects that \u201cprices will continue to rise but at a slower pace as buyers have a little more leverage in the market.\u201d<\/p>\n

The table below highlights the significant rise in home prices in the Philadelphia metro area over the past five years:<\/p>\n\n\n\n\n\n\n\n\n
Year<\/td>\nMedian home price<\/td>\nPercent change year-over-year<\/td>\n<\/tr>\n
2024 (June)<\/a><\/td>\n$400,000<\/td>\n+8.1%<\/td>\n<\/tr>\n
2023 (June)<\/a><\/td>\n$370,000<\/td>\n+4.2%<\/td>\n<\/tr>\n
2022 (June)<\/a><\/td>\n$355,000<\/td>\n+9.2%<\/td>\n<\/tr>\n
2021 (June)<\/a><\/td>\n$325,000<\/td>\n+20.4%<\/td>\n<\/tr>\n
2020 (June)<\/a><\/td>\n$270,000<\/td>\n-1.47%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Bright MLS\u00a0<\/a><\/em><\/p>\n

This trend isn’t unique to Philadelphia; it’s happening across the country. According to the Case-Shiller National Home Price Index, U.S. home prices have skyrocketed 47%<\/a> since the start of 2020.<\/p>\n

Consequently, homeowners have gained significant equity<\/a> in their properties. This equity can be used for purchasing new homes, renovating existing ones, reducing debts, or saving for retirement. The ICE Mortgage Monitor report indicates that, as of early 2024, the average mortgage-holding homeowner has accumulated $299,000 in equity<\/a>.<\/p>\n

For comparison, the table below shows median home prices in certain neighborhoods within Philadelphia and some surrounding suburbs:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/td>\nMedian home price<\/td>\nDistance from Philadelphia city center<\/td>\n<\/tr>\n
Rittenhouse Square<\/td>\n$521,800<\/td>\n9 min (0.3 miles)<\/td>\n<\/tr>\n
Society Hill<\/td>\n$562,500<\/td>\n9-16 min (1.6 miles)<\/td>\n<\/tr>\n
University City<\/td>\n$385,000<\/td>\n10-22 min (2.1 miles)<\/td>\n<\/tr>\n
Fishtown<\/td>\n$371,700<\/td>\n12-26 min (3.1 miles)<\/td>\n<\/tr>\n
Penn Wynne<\/td>\n$521,000<\/td>\n22-45 min (8.1 miles)<\/td>\n<\/tr>\n
Ardmore<\/td>\n$500,000<\/td>\n24-50 min (9.3 miles)<\/td>\n<\/tr>\n
Chestnut Hill<\/td>\n$725,100<\/td>\n28-55 min (11.3 miles)<\/td>\n<\/tr>\n
Conshohocken<\/td>\n$467,500<\/td>\n30-60 min (14.8 miles)<\/td>\n<\/tr>\n
Chesterbrook<\/td>\n$750,000<\/td>\n40-70 min (23.2 miles)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home value averages of multiple public transaction sites\u00a0<\/span><\/i><\/p>\n

Typical travel times 8 a.m. midweek<\/span><\/i><\/p>\n

In the next section, we\u2019ll discuss how to estimate the value of your home in Philadelphia, PA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Learn about home values in Philadelphia, PA, including market trends, valuation methods, and tips for boosting your home’s worth.<\/p>\n","protected":false},"author":360,"featured_media":46318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[320,330],"tags":[],"class_list":["post-46301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-add-value","category-house-value"],"acf":[],"yoast_head":"\nHome Values in Philadelphia, PA: 2024 Market Update<\/title>\n<meta name=\"description\" content=\"Learn about home values in Philadelphia, PA, including market trends, valuation methods, and tips for boosting your home's worth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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