What $1 Million Gets You in Different Philly Neighborhoods
Philadelphia is a vibrant tapestry of neighborhoods, each offering a unique lifestyle, character, and architectural style. With a budget of $1 million, you might find yourself weighing the benefits of a sleek two-bedroom apartment in the bustling heart of Center City against a spacious family home with a pool in a tranquil suburban enclave like Chestnut Hill.
The beauty of Philadelphia lies in its diversity, every neighborhood presents distinct opportunities for homebuyers based on their preferences, whether it’s proximity to trendy cafes and shops, the charm of historic architecture, or the allure of spacious outdoor living. In this article, we’ll delve into what $1 million can get you across various Philadelphia neighborhoods, showcasing the choices available for every lifestyle and goal. Whether you’re seeking an urban sanctuary or a suburban retreat, Philadelphia has something to offer for everyone.
Rittenhouse
Center City
Home Prices: Range from $800,000 to over $3 million.
Cost of Living: High. The cost of living is significantly above the national average due to luxury amenities, dining, and proximity to high-end retailers. Median household income is around $93,740.
Market Trends: Rittenhouse is highly competitive, with limited inventory and strong demand for luxury properties. Price appreciation has been steady due to the neighborhood's status as one of the most prestigious areas in Philadelphia
$1,050,000
1937 Waverly St
3 BD | 2 BA | 2,400 Sqft
Why Buy in Rittenhouse: Rittenhouse Square is one of Philly’s most prestigious neighborhoods, known for its luxury living and bustling city life. The area surrounds the beautiful Rittenhouse Park, where locals can enjoy picnics, people-watching, and seasonal events. Architecturally, you’ll find a mix of historic brownstones, high-end condos, and luxury apartments. Rittenhouse is ideal for professionals and families who want to be in the center of it all, close to high-end restaurants, boutiques, and cultural attractions. Growth opportunities here focus on investment in upscale properties, with a steady rise in demand due to the neighborhood’s premium reputation.
Fishtown
North Philadelphia
Home Prices: Typically from $400,000 to $850,000.
Cost of Living: Moderate, with prices rising due to gentrification. While housing is affordable compared to Center City, the cost of living has been increasing as the neighborhood grows in popularity.
Market Trends: Fishtown is a rapidly growing area with new developments, attracting younger buyers and creative professionals. The neighborhood has experienced double-digit appreciation over the past few years as demand continues to grow
$1,039,000
1525 E Berks St
3 BD | 3 BA | 2551 Sqft
Why Buy in Fishtown: Fishtown is the cool, artsy side of Philly. Over the last decade, this former working-class neighborhood has transformed into a hotspot for creatives, young professionals, and families. The architecture is a mix of industrial loft conversions, new modern townhomes, and classic Philly row homes. The lifestyle here is laid-back yet lively, with trendy cafes, music venues, and street art adding to its charm. Growth in Fishtown is significant, as new developments continue to pop up, making it an exciting place for real estate investment, especially for those looking for something more affordable but full of potential.
Bella Vista
South Philadelphia
Home Prices: Typically between $500,000 and $1 million.
Cost of Living: Moderately high. Bella Vista offers a mix of historic homes and urban amenities. With its close proximity to the Italian Market, it is more affordable than Rittenhouse but still has a higher-than-average cost of living.
Market Trends: Bella Vista is a stable, established neighborhood, with consistent demand. Property values have steadily increased over time due to its historic charm and desirable location
$1,065,000
805 S 7th St
3 BD | 3 BA | 2,400 Sqft
Why Buy in Bella Vista: Bella Vista is known for its Italian heritage and close-knit community feel. The neighborhood is home to the iconic 9th Street Italian Market, where you can find everything from fresh produce to artisanal cheeses. Architecturally, Bella Vista is full of charming row homes and some newer developments. The lifestyle here is family-oriented, with a relaxed vibe, but still offers easy access to the more bustling parts of the city. Bella Vista’s growth opportunities focus on its increasing popularity among young families and professionals, with rising property values as people discover this quiet gem.
Spruce Hill
West Philadelphia
Home Prices: Range from $450,000 to $900,000.
Cost of Living: Moderate. Spruce Hill offers a balance between affordability and proximity to the University of Pennsylvania and Drexel. It has a mixed demographic, including students, professors, and families.
Market Trends: The market is stable, with demand driven by its proximity to universities and the area's distinctive Victorian architecture. It's seen steady price growth in recent years, but less drastic than rapidly gentrifying areas
$1,050,000
4633 Hazel Ave
5 BD | 4 BA | 3,480 Sqft
Why Buy in Spruce Hill: Spruce Hill, located in West Philly, is a diverse and vibrant community that’s known for its beautiful Victorian homes and tree-lined streets. The vibe here is artistic and inclusive, with local cafes, parks, and cultural events giving it a strong sense of community. The architectural style leans heavily on historic preservation, with many of the homes maintaining their original charm. Growth here is moderate, with a steady influx of students, academics, and families keeping the real estate market dynamic.
Chestnut Hill
Northwest Philadelphia
Home Prices: Range between $600,000 and $1.5 million.
Cost of Living: Higher than average, but not as high as Center City. Chestnut Hill offers suburban living within the city, with higher costs due to its historic homes and access to green spaces.
Market Trends: Chestnut Hill is a highly desirable neighborhood for families due to its suburban atmosphere and historic architecture. Its market has remained competitive, with steady demand and gradual price increases
$1,050,000
215 Lynnebrook Ln
4 BD | 5 BA | 2,988 Sqft
Why Buy in Chestnut Hill: Chestnut Hill offers a more suburban feel, even though it’s still within the city limits. Known as "the Garden District," this neighborhood is filled with greenery, large historic homes, and a quaint, walkable downtown area. The architecture includes everything from stately stone homes to smaller cottages, giving it a cozy, upscale feel. Chestnut Hill attracts families and retirees looking for peace and quiet, but it also draws in city commuters, as it has easy train access to Center City. Property values here are stable, and growth opportunities come from its appeal as an oasis for those looking for a balance between city and suburban living.
Huntingdon Valley
Northeast Philadelphia (but Montgomery County)
Home Prices: From $400,000 to $900,000.
Cost of Living: Moderate. Located just outside Philadelphia, Huntingdon Valley offers larger homes at more affordable prices, though still higher than the national average.
Market Trends: Huntingdon Valley's suburban appeal makes it popular with families. The market here is stable, with moderate appreciation rates, driven by demand for larger homes and more space
$1,099,900
1777 Melmar Rd
4 BD | 3 BA | 6,068 Sqft
Why Buy in Huntingdon Valley: Huntingdon Valley sits just outside Philadelphia, offering a more rural and quiet atmosphere compared to city neighborhoods. It’s ideal for families and retirees looking for larger homes and more space. You’ll find spacious single-family homes, often with large yards, and a few townhome developments. The lifestyle here is very relaxed, with a focus on parks, nature, and a tight-knit community feel. Growth in Huntingdon Valley is steady, with plenty of opportunities for buyers looking for more house for their money, along with good schools and family-friendly amenities.
With so many incredible options available, it’s essential to have a trusted partner by your side to navigate the diverse Philadelphia real estate landscape. At Venture Philly Group, our experienced team is dedicated to helping you discover the perfect property that aligns with your lifestyle and goals. Whether you’re looking for a chic apartment in the city or a spacious home with all the amenities in the suburbs, we’re here to guide you every step of the way.
Reach out to the Venture Philly team today to explore your options and see what fits best for you! Your dream home awaits!
Venture Philly Group
Buy. Sell. Invest.
o. 215.592.9522
1619 Walnut Street, Suite 500, Philadelphia, PA
