Home Values in Philadelphia, PA: 2024 Market Update
2 min read
Wondering how much your home is worth in today’s market? Whether you’re thinking about selling, trying to cancel PMI, or just curious about current home values in Philadelphia, PA, having this knowledge can guide your financial future.
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, 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.
Editor’s 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.
Current home values in Philadelphia, PA
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, marking the highest value on record, according to Bright MLS. The company’s monthly report notes that “home prices were up strongly across all local markets in the metro area.”
Heading into the second half of 2024, Bright MLS expects that “prices will continue to rise but at a slower pace as buyers have a little more leverage in the market.”
The table below highlights the significant rise in home prices in the Philadelphia metro area over the past five years:
Year
Median home price
Percent change year-over-year
2024 (June)
$400,000
+8.1%
2023 (June)
$370,000
+4.2%
2022 (June)
$355,000
+9.2%
2021 (June)
$325,000
+20.4%
2020 (June)
$270,000
-1.47%
Source: Bright MLS
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% since the start of 2020.
Consequently, homeowners have gained significant equity 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.
In the next section, we’ll discuss how to estimate the value of your home in Philadelphia, PA.
