Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 637, 307 total housing units (homes and apartments), and a median house value of $300,096, Philadelphia real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Philadelphia, accounting for 63.61% of the city's housing units. Other types of housing that are prevalent in Philadelphia include mobile homes or trailers ( 32.22%), duplexes, homes converted to apartments or other small apartment buildings ( 2.22%), and a few row houses and other attached homes ( 1.94%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Philadelphia. Owner-occupied housing accounts for 72.96% of Philadelphia's homes, and 63.33% have either three or four bedrooms, which is average sized relative to America.
Vacant housing appears to be an issue in Philadelphia. Fully 14.72% of the housing stock is classified as vacant. Left unchecked, vacant Philadelphia homes and apartments can be a drag on the real estate market, holding Philadelphia real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Philadelphia has experienced some of the highest home appreciation rates of any community in the nation. Philadelphia real estate appreciated 141.11% over the last ten years, which is an average annual home appreciation rate of 9.20%, putting Philadelphia in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Philadelphia definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Philadelphia's appreciation rate, at 7.09%, has been at or slightly above the national average. In the latest quarter, Philadelphia's appreciation rate has been 1.91%, which annualizes to a rate of 7.87%.
Relative to Tennessee, our data show that Philadelphia's latest annual appreciation rate is higher than 60% of the other cities and towns in Tennessee.
$300,096
for Tennessee
for nation
307
$1,795 / per month