Effective end of business November 20, 2020 through December 31, 2020, the City of Philadelphia has scaled back public gatherings that include indoor dining, gyms, and visiting cultural institutions. At this time there are no closures or restrictions on construction, renovation and real estate related transactions.
Below are highlights of the monthly report from the Center City District and the Central Philadelphia Development Corporation tracking key economic indicators. The housing industry continues to move in the right direction.
- Construction permits were their highest since February. September permits totaled 4,352, but were still 18% below 2019 levels.
- Citywide residential sales have rebounded strongly, with total sales in September 26% above last year’s level, according to Redfin. Within Greater Center City, residential sales are also increasing and as of September are higher than last year.
- Housing prices have increased over 2019 levels, with the median sale price greater than at any other time last year. The median residential sale price in September was $242,250, 21% above the 2019 level.