Home Prices Skyrocket in Greater Philadelphia Area

Real estate prices© alexsl from Getty Images Signature / Canva

PHILADELPHIA, PA — The Greater Philadelphia area has been experiencing a rapid increase in home prices, reaching record levels. The typical home value in the United States was $349,679 in July 2023, reflecting a 1.4% increase from the previous year, and marking a new all-time high. However, in Greater Philadelphia, this figure is significantly higher in certain cities.

Data available for 237 cities and towns shows that some locations command higher prices than others due to factors such as location, size, age, and condition of homes. A list compiled by Stacker using data from Zillow highlights the top 30 cities with the most expensive homes in the Greater Philadelphia area.

At number 30 is Flourtown, PA, with a typical home value of $549,374, marking a 4.8% increase in price over the past year and a 33.2% increase over the past five years. Following closely behind are Yardley, PA, and Avondale, PA, with typical home values of $553,843 and $553,921 respectively.

Exton, PA, and Hockessin, DE, have also seen significant increases in home prices. The typical home value in Exton is $554,714, while in Hockessin, it’s $560,575. Both these cities have seen their home prices increase by more than 33% in the past five years.

Kennett Square, PA, and Media, PA, are among the top 25 cities with the most expensive homes, with typical home values of $569,285 and $570,625 respectively. Both these cities have seen their home prices rise by more than 44% over the past five years.

The top 20 cities include West Chester, PA, Chesterfield Township, NJ, and Glenmoore, PA, with typical home values ranging from $594,120 to $610,978. These cities have seen their home prices increase by more than 35% in the past five years.

Blue Bell, PA, and Churchville, PA, are among the top 18 cities with the most expensive homes. Their typical home values stand at $615,684 and $617,116 respectively. The past five years have seen their home prices rise by more than 30%.

The top 10 cities include Fort Washington, PA, Chester Springs, PA, and Haddonfield, NJ, with typical home values ranging from $689,169 to $692,110. These cities have seen their home prices rise by more than 38% over the past five years.

The city of Narberth, PA, stands at number 5 with a typical home value of $713,434, marking an 8.5% increase in price over the past year and a 47% rise over the past five years.

The top four cities with the most expensive homes in Greater Philadelphia are Bryn Mawr, PA, New Hope, PA, Berwyn, PA, and Devon, PA, with typical home values ranging from $803,420 to $874,924. These cities have seen their home prices rise by more than 39% in the past five years.

The rising home prices in the Greater Philadelphia area reflect the broader national trend, where low inventory levels and high demand have pushed prices to record highs. This trend shows no signs of slowing down, making homeownership an increasingly significant investment.

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