Philadelphia, PA

Philadelphia

Compared to other luxury markets on the East Coast, Philadelphia is stable and predictable. Relative to virtually any other market we track, average sales prices fluctuated little over the last 8 years of record-keeping, despite macroeconomic considerations like inflation. Days On Market (DOM) significantly increased in 2023, but came back down in 2024. Compared to most markets, the differential between listing prices and realized sales prices is also small, at just 8%.

Highlights

• The average sales price in 2024 is $4.2M, down 35% from 2023, the peak year in the last decade.

• Prices have moved relatively little in the last 8 years

• No clear trend line of price appreciation appears in Philadelphia

Little price action, but also little growth Even though 2024 saw averages shrink by 35% compared to 2023, this does not necessarily predict a downward trend as 2023 top sales were an anomaly within the context of the past decade. The average sales prices are within the usual $4-5M range observed over many of the past years in Philadelphia. 

The worrying element here is that unlike in US averages, we don’t observe a clear upward trend. Across all US markets, sales prices are up 55% over the last 8 years. In Philadelphia, however, prices are roughly where they were when we began tracking. An average DOM of 348 days is also not particularly noteworthy. Philadelphia sellers can lock in a high 92% of their list price as a final sale value, with houses under 180 DOM getting an exceedingly high 96% of the original listing price. Waiting for longer doesn’t seem to translate to better economic outcomes.