And its home price per square foot has increased almost 50% over 5 years.
- The average home lot in Philadelphia is about 1,420 square feet.
- The city’s average home size is the fourth smallest of the largest cities averaging around 1,280 square feet.
- Philadelphia is an old, densely populated city with an abundance of rowhouses. With space being scarce, the average lot size for properties built between 2013 and 2022 is 35% smaller than the City’s average lot size overall.
- In the Philadelphia area, home prices per square foot are rising faster than inflation; local home buyers are spending almost 50% more per square foot for a new home than they did five years ago.
- Indeed buyers paid a median of $218 per square foot for a new single-family home in 2023. That’s up from $147 per square foot in 2018. This price increase ranks Philadelphia in the middle of the pack of large metro cities—number 23.
- Why the rapid price increase? Rising construction costs and a shortage of homes for sale.
