Here’s how Philadelphia’s housing market compares to other cities:
The Seattle-based Zillow Group Inc studied 25 housing markets that have seen the most momentum since the summer of 2016, with more weight given to price changes during the past six months and one year — when the housing frenzy exploded because of the pandemic.
- In housing momentum of the markets included in the analysis, Philadelphia impressively ranked ahead of Chicago, New York, San Francisco and Washington, D.C.
- In Philadelphia, median home value rose 38% over the past five years to $302,000 up from $220,000 in 2016. Local median home value has increased 17% since last year, consistent with the national growth rate, and 9% in the six-month period ending July 31, 2021.
- Yet, Philadelphia lags in home values – New York ($552,607), Washington, D.C. ($512,936) and Baltimore ($345,194) all having significantly higher home values.
- With housing momentum a critical measurement in this study, we have learned from prior reports that Philadelphia’s home values, though less than other cities, is a positive attraction for those looking for a great City with more manageable housing costs.