Philadelphia is known for its wealth of history and culture, so it’s no wonder that affluent home buyers are looking to call the City of Brotherly Love home. In the last year, home values have risen 4.9 percent with a city median of only $118,900—it’s a buyer’s market. Of course if you’re looking to purchase in Philly, there’s a big difference between settling down in Fishtown or planting roots in Chestnut Hill. To help buyers navigate the market and choose the best for their family, we’ve compiled a little list of the most affluent neighborhoods in the city.
Chestnut Hill
The most affluent neighborhood in Philadelphia is undoubtedly Chestnut Hill. This suburb has the highest cost of living in the area and median prices for single family homes have risen by three percent over the last year to an average of $492,900. But with a low crime rate, rich history and some of the city’s best amenities, it’s easy to see why people flock to the area. Plus, due to its proximity to the Wissahickon and Cresheim creeks, the Morris Arboretum, and Fairmount Park, the neighborhood is surrounded by greenery.
City Center West
City Center West is in the middle of it all, which is why it has some of the highest rents and median home prices in the downtown area. The average cost for single family homes can hover right around $473,000—the second highest price in the City of Brotherly Love. But considering the prime downtown locale surrounded by restaurants, shops and museums, the price makes sense. Some of the most popular places to buy are in the neighborhood’s Rittenhouse Square and Washington Square areas.
City Center East
City Center East is sitting pretty at our number three spot with a median home price of $460,000—just below City Center West. This side of the downtown is home to City Hall, Chinatown, Independence Park and lots of little hip districts like “Gayborhood.” The area is also home to 500 Walnut, a new ultra –luxurious 26-story residential tower that will offer 38 homes ranging from $2.5 to $17 million. Beyoncé and Jay Z were rumored to be looking into purchasing a condo in the tower upon its completion in 2017.
Fairmount-Spring Garden
Young professionals and singles looking for a place to call their own may want to look at the Fairmount-Spring Garden district. Popular among the younger generation, the median home prices here are fourth highest in the city averaging out at $353,935. It is considered one of the safest areas in Philadelphia and one of the most culturally diverse. This is also one of major art hubs of the city and is home to the Rodin and Barnes Foundation and the Philadelphia Museum of Art.
Somerton
Those looking for a home outside of the hustle and bustle of the downtown area might want to purchase property in Somerton. The median home price drops to $247,293 here due to its distance from the city’s center, but in place of nightclubs and bars, buyers will find a diverse, family-friendly neighborhood. This is a popular spot known for its safety and close-knit community.
