Real Estate Showdown: Philly vs. NYC
Our team has pulled the numbers for you and you won’t believe them! Philadelphia and New York City sit a mere 97 miles apart (or an hour and a half drive or train ride) and while both offer many perks, the two cities couldn’t be more different when it comes to real estate. Here are side by side comparisons of the top things to consider when buying or selling real estate, and why so many New Yorkers are moving to Philly:
Average Price Per Square Foot:*
$180/SqFt = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Squre) = $505/SqFt
VS.
$660/SqFt = New York City Average
Most Expensive Borough (Manhattan) = $1,371/SqFt
Median Home Price:*
$234,000 = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Square) = $559,950
VS.
$760,000 = New York City Average
Most Expensive Borough (Manhattan) = $1,550,000
Property Taxes:
Property taxes are based on the assessed value of your home, so the amount can vary. The average effective tax rates are roughly equal between the two cities (NYC = 0.90% and Philly = 0.98%), however it’s important to consider that although New York County has one of the lowest rates in NY state, the average annual tax payment for New York City residents is still among the highest across the state due to the high real estate values. Another perk to Philly is that Philadelphia currently offers 10 year tax abatements on any new construction and improvements!!
Average Days on Market:
This is important for sellers, but also buyers! The quicker properties move, the better price a seller can get and the faster a buyer has to move! Properties move quickly in Philly. So quick in fact that we had to update our list of properties after a week and some will probably be pending by the time this article is published.
49 Days = Philadelphia Average
89 Days = New York City Average (and 123 days in Manhattan!)
1 Bedroom Listings:
Hell’s Kitchen, Manhattan
$530,000
1 Bedroom | 1 Bathroom
Center City, Philadelphia
$275,000
1 Bedroom |1 Bath | 750SqFt
2 Bedroom Listings:
Manhattan, NYC
$1,150,000
2 Bedroom | 1 Bathroom | 765 SqFt
Old City, Philadelphia
$415,000
2 Bedroom | 2 Bathroom | 916 SqFt
Prospect Park, Brooklyn
$757,000
2 Bedroom | 1 Bathroom
Fishtown, Philadelphia
$369,900
2 Bedroom | 2 Bathroom | 1,043 SqFt
4 Bedroom Listings:
Carnegie Hill, Manhattan
$6,395,000
4 Bedroom | 4.5 Bath | 3,721 SqFt
Queen Village, Philadelphia
$1,995,000
4 Bedroom | 4 Bath | 4,900 SqFt
6 Bedroom Listings:
Upper West Side,
Manhattan
$7,100,000
6 Bedroom | 4.5 Bath | 5,141 SqFt
Rittenhouse Square,
Philadelphia
$3,750,000
6 Bedroom | 6 Bath | 8,095 SqFt
