Philly has the Smallest Home Lots Out of the 50 Largest U.S. Cities…And its Home Price Per Square Foot has Increased Almost 50% Over 5 Years

The average home lot in Philadelphia is about 1,420 square feet.
Philly’s average home size is the fourth smallest of the largest cities averaging around 1,280 square feet.
Philadelphia is an old, densely populated City with an abundance of rowhouses. With space being scarce, the average lot size for properties built between 2013 and 2022 is 35% smaller than the City’s average lot size overall.
In Philly – area home prices per square foot are rising faster than inflation; local home buyers are spending almost 50% more per square foot for a new home than they did five years ago.
Indeed buyers paid a median of $218 per square foot for a new single-family home in 2023. That’s up from $147 per square foot in 2018. This price increase ranks Philadelphia in the middle of the pack of large metro cities – number 23.
Why the rapid price increase – rising construction costs and a shortage of homes for sale.