Million Dollar Home Sales in Philly Broke a New Record in 2021

Million dollar home sales in Philadelphia broke a new record again in 2021.


Kevin C. Gillen, Ph.D. is an economist who holds positions as both a Senior Research Fellow with the Lindy Institute for Urban Innovation. He produces quarterly reports on the state of the Philadelphia region’s housing market. His most recent data release shows data through Q2 of this year.

 

The New Record



  • There were 53 home sales at a price of one million dollars or more in Q2 of this year. That’s only single-family homes, it does not include condos.

  • This broke the previous record of 50 that was set just a few months earlier in Q4 of 2020. The previous record was 49 such sales, which occurred in Q4 of 2017.

  • Gillen said that historically in any given quarter you might have 15 home sales that are above a million dollars. And prior to the year 2000 there would have only been 5 or 6.

  • The majority of the recent sales are not new construction, they are existing homes or upgrades from investing and improving.

  • The high volume of of million dollar home sales tells us that Philly’s location value remains strong with high income households and they’re willing to pay a significant house premium to live here.

Photo Source: Kevin Gillen

In What Philly Neighborhoods did the Million Dollar Home Sales Occur?



  • The highest concentration of million dollar home sales occurred in Center City, particularly around Rittenhouse Square and Washington Square. But now more than ever, we’re seeing these high end home sales spread out throughout the city.

  • Gillen said the neighborhoods that we are seeing the million dollar home sales are becoming less spatially concentrated.

  • More than 5 years ago he said we never would have seen that. It previously was only in Center City and occasionally in Chestnut Hill and Mount Airy.

  • Now, it’s more spread out in University City, Fairmount, Fishtown, Northern Liberties and many others.

  • This shows that there has been significant investment and revitalization outside of just of Center City and not only in the most affluent neighborhoods.

Photo Source: Kevin Gillen

Million Dollar Homes For Sale:

 

Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

604 S Washington Square, Philadelphia, PA

venturephilly.com


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