Home Values in Philadelphia, PA: 2024 Market Update
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Kelsey Morrison Former EditorClose
Kelsey Morrison Former EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers with seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com), and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
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.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
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.
How to get a home value estimate
Need to estimate your Philadelphia home’s value? Whether you’re calculating potential net proceeds or setting a competitive list price, there are tools to help.
Use an online home value estimator
Using an online home value estimator is a quick way to get an idea of your home’s worth. These tools typically gather data from county records, tax assessments, MLS listings, and user submissions. HomeLight’s estimator sets itself apart by asking seven straightforward questions about your property, offering a more accurate estimate. You can receive a preliminary value in just a couple of minutes, giving you a solid starting point.
Request a comparative market analysis
While online home value estimators are convenient, requesting a comparative market analysis (CMA) from a local real estate agent can offer a more precise estimate. A CMA involves comparing your property to similar homes that have recently sold in your area.
This analysis considers details such as the number of bedrooms and bathrooms, square footage, home age, location, recent upgrades, and proximity to amenities. CMA reports typically include charts, graphs, photos, and other information to provide a comprehensive view of your home’s value. Many agents will put together a CMA for free, especially if you’re considering listing your home with them.
If you’re planning to sell and need a reliable agent, HomeLight can connect you with top real estate professionals in Philadelphia. This free service matches you with up to three qualified agents within minutes. HomeLight agents don’t pay to be listed, ensuring you get matched with top performers who can sell your home for a higher price. According to HomeLight’s internal data, the top 5% of listing agents can sell homes for up to 10% more than average agents.
Get a pre-listing appraisal
While a CMA can be extremely helpful, there are situations where a pre-listing appraisal is necessary for a precise home valuation. This is especially true if your home has distinctive features that are difficult to compare, is located in a rural area with few comparable sales, or includes extensive land. A professional appraisal can help ensure your listing price reflects your home’s true value.
Typically, a home appraisal costs between $450 and $550, but this can be higher for unique or large properties. Even if a buyer’s lender requires an appraisal, having one done before listing can help you set the right price from the beginning.
How to increase the value of your home in Philadelphia, PA
Making key updates to your home can significantly boost its value before selling. Here are a few methods to consider:
Curb appeal: Improving curb appeal is essential, as 92% of realtors recommend it before listing. Simple projects like power washing, mowing the lawn, adding fresh mulch, and painting the front door can make a big difference. These improvements create a great first impression and attract more potential buyers.
Strategic updates: Focus on high-impact home improvements. Kitchen and bathroom upgrades, new fixtures, fresh paint, and refinished floors can offer great returns. For instance, Zonda’s 2023 Cost vs. Value Report notes that replacing garage doors can recoup 103% of their cost, making it a smart investment.
Necessary fixes: Address necessary repairs before listing to avoid inspection issues later on. Fixing the roof, foundation, plumbing, and electrical systems is essential. These repairs can reassure buyers and lead to a smoother sales process, increasing your home’s appeal and value.
Decluttering and depersonalizing: Decluttering and depersonalizing help buyers envision themselves in your home. Removing personal items and excess furniture makes spaces look larger and more inviting. A HomeLight survey found that decluttering could raise your home’s sale price by $8,000 or more.
Deep cleaning: A thorough, deep clean can make your home shine. Another HomeLight survey found that deep cleaning could add $3,700 to your home’s value. Focus on steam cleaning carpets, scrubbing grout, and washing windows to ensure a spotless presentation for potential buyers.
Home staging: Professional home staging can make a big impact. Staged homes often sell faster and for more money. HomeLight’s most recent survey reveals that staging can boost sale prices by up to 13% more than unstaged homes. Effective staging highlights your home’s best features and helps buyers picture themselves living there.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Philadelphia, PA
If you’ve been eyeing a new home in Philadelphia but are worried about selling your current one first, HomeLight’s Buy Before You Sell (BBYS) program offers the perfect solution.
BBYS lets you unlock a portion of your current home’s equity, allowing you to make a strong, non-contingent offer on your new home. You can buy your new home first and then sell your old one once it’s vacant. This not only simplifies the process but also helps you avoid the inconvenience of moving multiple times.
HomeLight charges a flat fee of 2.4% of your current home’s selling price. If your home doesn’t sell within 90 days after you close on your new property, HomeLight will purchase it and continue working to sell it. Any profits from the sale, after covering costs, will be returned to you.
Check out the video below for more information about HomeLight’s Buy Before You Sell program:
How to find a top agent in Philadelphia, PA
Maximizing your home’s selling price in Philadelphia starts with choosing a top real estate agent. Using HomeLight’s agent matching service is a quick and free way to connect with the best agents in your area. Within minutes, you can be matched with up to three top-performing agents based on their past sales, specialties, and local knowledge.
One key metric to evaluate is the agent’s sale-to-list ratio. This ratio compares a home’s final sale price to its original listing price, reflecting the agent’s ability to price homes accurately and achieve higher sale prices. A high sale-to-list ratio suggests the agent is effective in securing top dollar for their clients.
To find the best agent, it’s important to interview at least three candidates. Here are some critical questions to ask:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes, and price ranges, do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
Using HomeLight’s agent match tool and asking these questions can help you select a local expert who can deliver the best results. This ensures a smooth and profitable home-selling experience.
Get a free preliminary home estimate today
Knowing your Philadelphia home’s value can help you make informed decisions, whether you’re preparing to sell or leverage your home equity. HomeLight’s free home value estimator provides a quick and reliable estimate, giving you a solid understanding of your home’s worth.
Additionally, HomeLight can connect you with top local agents who can achieve higher sale prices for your home and offers a program to buy a new house before selling your current one. By staying updated on market trends and using these resources, you can effectively maximize your Philadelphia home’s value.
Header Image Source: (Ethan Hoover/ Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- "Housing Market Report" Bright MLS (June 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
