Real Estate Showdown: Philly vs. Boston
Just over 300 apart, Philadelphia, PA and Boston, MA have their own unique cultures, amenities, and lifestyles, and their real estate markets couldn’t be more different! When it comes to median prices, average days on the market, and popular neighborhood costs, Philadelphia living is far more affordable! But don’t just take our word for it, keep reading to see for yourself!
Average Price Per Square Foot:*
$180/SqFt = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Square) = $505/SqFt
VS.
$758/SqFt = Boston Average
Most Expensive Neighborhood (Back Bay) = $1,231/SqFt
Median Home Price:*
$234,000 = Philadelphia City Average
Most Expensive Neighborhood (Rittenhouse Square) = $559,950
VS.
$769,000= Boston Average
Most Expensive Neighborhood (Back Bay) = $1,400,000
Property Taxes:
Property taxes are based on the assessed value of your home, so the amount can vary. The median annual property tax payment in Boston is $3,336 and the average effective property tax rate is 0.84%, compared to Philadelphia’s effective property tax rate of 0.98%. The two cities property tax rates vary by just 0.14%!
Note that Boston, Massachusetts has its own estate tax, which applies to any estate over $1,000,000 (rates range from 0.8% to 16% of the taxable estate). A major draw to living in Philly is that the City of Philadelphia currently offers 10 year tax abatements on new construction homes and improvements to existing properties, making it easier than ever to create your ideal space.
Average Days on Market:
This is important for sellers, buyers, and investors! The quicker properties move, the better price a seller can get, and the faster a buyer has to move! Properties move at just about the same pace on average for Boston and Philadelphia, but properties in Boston’s Back Bay neighborhood move a bit more quickly than properties in Philadelphia’s Rittenhouse Square neighborhood.
49 Days = Philadelphia Average (and 58 days in Rittenhouse Square!)
48.5 Days = Boston Average (and 28 days in Back Bay!)
1 Bedroom Listings:
Fenway, Boston
$749,000
1 Bedroom | 1 Bathroom |756 SqF.
Logan Square, Philadelphia
$325,000
1 Bedroom |1 Bath | 876SqFt
2 Bedroom Listings:
City Point, Boston
$575,000
2 Bedroom | 1 Bathroom | 720 SqFt
Old City, Philadelphia
$415,000
2 Bedroom | 1 Bathroom | 916 SqFt
Telegraph Hill, Boston
$749,900
2 Bedroom | 2 Bathroom | 890 SqFt
Fishtown, Philadelphia
$475,000
2 Bedroom | 2 Bathroom | 1,123 SqFt
4 Bedroom Listings:
Mount Hope, Boston
$595,000
4 Bedroom | 1 Bath | 1,927 SqFt
Mount Airy, Philadelphia
$769,999
4 Bedroom | 3 Bath | 2,700 SqFt
6 Bedroom Listings:
South End, Boston
$6,350,000
6 Bedroom |7 Bath | 4,298 SqFt
Rittenhouse, Philadelphia
$3,680,000
6 Bedroom | 6 Bath | 8,095 SqFt
Want to discover luxury living in Philadelphia?
Venture Philly Group
Buy. Sell. Invest.
o. 215.592.9522
1619 Walnut Street, Suite 500, Philadelphia, PA
