What are “Average Priced” Homes Like in Downtown Philadelphia?
According to real estate aggregate site Zillow.com, the average listed price for a home in the city of Philadelphia is $220,000. That’s slightly higher than the national median home price of $200,000. But that’s just a number on paper – or, well, on a screen. What is an “average” home in Center City, as opposed to Philly as a whole, and how much house will “averaged priced” money get you? Let’s take a look at general listings, and then you can peruse our current Philly home listings for the most updated list of homes for sale in Downtown Philly.
2552 E Somerset St – $199,900
Our first comer is located in trendy Port Richmond, “minutes from Center City.” The location is great, but it’s hard to say much about the house – it’s basically a shell. Bare beams with exposed wiring frame out two bedrooms and two bathrooms, and there’s various detritus indicating that someone (or more than one someone) was squatting there. Windows are boarded up and the broken garage door leans drunkenly on one track. This baby’s a serious fixer in need of some TLC. Or possibly a full demo.
1810 Rittenhouse Sq Apt 607 – $219,000
“Minimalism” is the name of the game in this cozy, itty-bitty studio located at the Rittenhouse Savoy building, one of the poshest addresses in Philly. There is nothing wrong with this tiny adobe, but it’s probably not big enough for more than one person, no matter how close they happen to be with a significant other. It’s got just 439 square feet of living space, but what’s there is adorable: hardwood floors, a modern kitchen, and some very roomy closets. The building features a fitness center (accessible for a small monthly fee), a doorman, and 24/7 onsite maintenance.
2001 Hamilton St Apt 1925 – $225,000
This condo is a bit of a budget-buster, but I’m including it because it’s really cute. With one bedroom and one bathroom, it’s definitely a possible starter home, and its location in the uber-cool Art Museum Area makes it extra desirable. It’s on the nineteenth floor, so your window views are going to feature clear skies and a great vista of the city below. There’s hardwood floors and a nice floorplan. The kitchen definitely could use some updating, and the bathroom could go either way, depending on how modern you want to go. Walkability is a major plus; Whole Foods, CVS, Wawa, and Target are all nearby.
721 Melon Ter Apt F – $165,000
Located in fashionable NoLibs, this classically-beautiful brick-front apartment building impresses right from the curb. The top-floor unit has hardwood floors, bright whitewashed walls, and windows that let in lots of light. There’s three bedrooms and one bathroom over 776 square feet, meaning that this would be a tight fit for a growing family, but it’s a perfect starter nest. The bathroom and kitchen are updated, although not top-of-the-line. With a great price like this, however, you might have room in your budget for some reno.
209 N 3rd St Apt 4b – $210,000
This one-bedroom condo is smack in the midst of Old City, meaning that location is a big factor in the price. The home itself is SUPER fresh and adorable, with hardwood flooring through the kitchen and living areas and fresh, neutral carpet in the roomy bedroom. The kitchen is newly redone with cherry cabinets and granite complimenting stainless steel appliances. The open-concept floorplan is sure to attract buyers, along with the ample closet space and apartment-sized personal washer/dryer unit in its own closet. There’s a gorgeous communal brick courtyard for residents, as well as shared storage in the basement.
111 S 15th St Penthouse P105 – $221,500
This ultra-luxe, generously-sized studio is in the middle of Center City, the heart of Philadelphia. Granite countertops and stainless appliances (including a washer!) adorn the remodeled kitchen. The space is extremely well-partitioned, making it look a lot bigger than it is. There’s wall-to-wall carpeting. The bathroom doesn’t quite measure up to the modern precedent set by the kitchen, but it’s nothing terrible. The building, The Grande, boasts 24/7 concierge/doorperson, fitness center, rooftop deck and professional management.
Which of these examples is your favorite, dear reader? In conclusion, I have determined that, while the “average” price of real estate in Philadelphia is a certain number, in actuality it won’t buy you a whole lot. I believe the $220,000 figure is dragged down by foreclosures, because turnkey lodgings in the heart of the city are pretty spendy. I focused on Center City, obviously, but it’s logical that there is probably more affordable housing in the ‘burbs and outlying neighborhoods. The fact remains, however, that Philly is considerably cheaper than New York or Boston and, IMHO, a much cooler East Coast city.
