Philadelphia Metro Home Prices & Values

$199,200 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 3.3% 1-year change
  • 0.9% 1-year forecast

Market Temperature: ColdWhat's This?
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Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Buyers' Market Sellers' Market

The median home value in Philadelphia Metro is $199,200. Philadelphia Metro home values have gone up 3.3% over the past year and Zillow predicts they will rise 0.9% within the next year. The median list price per square foot in Philadelphia Metro is $132, which is higher than the Pennsylvania average of $111. The median price of homes currently listed in Philadelphia Metro is $219,900 while the median price of homes that sold is $230,985. The median rent price in Philadelphia Metro is $1,400, which is higher than the Pennsylvania median of $1,200.

Foreclosures will be a factor impacting home values in the next several years. In Philadelphia Metro 3.5 homes are foreclosed (per 10,000). This is lower than the Pennsylvania value of 3.7 and also lower than the national value of 4.4

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Philadelphia Metro is 10.3%, which is higher than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Philadelphia Metro homeowners underwater on their mortgage is 20.1%, which is higher than Pennsylvania at 15.4%.

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Relative ZHVI
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Philadelphia Metro Market Overview

Data through Jul 31, 2014
  • $199,200 ZHVI
  • 0.9% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Jul 31, 2015)
  • $219,900 Median listing price
  • $230,985 Median sale price
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Philadelphia Metro Market Health

Data through Jul 31, 2014
  • 2.1/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • 101 Average days on Zillow (Jun 30, 2014)
  • 20.1% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 10.3% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

3.5 homes Philadelphia Metro
3.7 homes Pennsylvania
4.4 homes United States
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Cities in Philadelphia Metro

Name Median ZHVI Name Median ZHVI Name Median ZHVI
West Chester $358,600 Bensalem $224,800 Newark $200,100
Levittown $197,400 Gloucester $171,200 New Castle $152,100
Wilmington $122,500 Philadelphia $112,400 Camden $70,000

Listings & Sales

Data through Jul 31, 2014
  • $132 Median list price / sq ft
  • $139 Median sale price / sq ft
  • 45.6% Listings with price cut
22.6%
Sold below listing
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Philadelphia Metro Rentals

Data through Jul 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,543 Philadelphia Metro
$1,214 Pennsylvania
$1,318 United States
  • 4.0 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2013)
  • $1,400 Rent list price
  • $1.16 Rent list price / sq ft
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