flexiblefullpage - default
Currently Reading

Out-Of-Town Buyers Are Flocking to Philadelphia With Big Budgets, and Locals Can’t Keep Up

billboard - default
Housing Markets

Out-Of-Town Buyers Are Flocking to Philadelphia With Big Budgets, and Locals Can’t Keep Up

Buyers are relocating to Philadelphia from coastal job centers and spending 40% more on homes than locals

July 29, 2022
Philadelphia traffic and skyline at dusk
Image: Stock.adobe.com

Cash-strapped out-of-town buyers backed by coastal salaries and equity wealth are flocking to Philadelphia to purchase affordable homes, and locals can’t compete. The average homebuyer moving to Philadelphia in the first half of 2022 had a whopping $588,000 to spend on a home, 39% higher than the $422,000 average budget for local buyers, Redfin reports.

As a result, local buyers have been priced out and driven to more affordable suburbs, but as the market cools and competition slows, many are hoping to put up a fair fight for homes in their native metro.   

The typical Philadelphia home sold for just $300,000 in June, less than half of New York’s $705,000 median sale price. Prices in Philadelphia have also grown slower: They’re up 20% from the beginning of the pandemic, compared with a 26% jump in New York and a 38% nationwide bump. 

“Even though the housing market has slowed, the share of homebuyers moving to different parts of the country has not,” said Redfin Deputy Chief Economist Taylor Marr. “That’s partly because home prices and mortgage rates have increased so much that homebuyers with the flexibility to relocate are seeking out affordable areas. Someone moving from Los Angeles to Philadelphia may have a higher monthly housing payment than they would have six months ago, but it’s still much lower than it would be in coastal California.”

Read more

Related Stories

Housing Markets

These Popular Markets Are Expected to See the Biggest Inventory Gains in 2023

After reaching all time lows over the past two years, inventory is on the rise in metros like Salt Lake City and Dallas 

Housing Markets

Could These Midwestern Metros Be the Next Top Real Estate Markets?

Out-of-state homebuyers are flocking to Midwestern markets like Lafayette, Ind., and Topeka, Kan., where they're finding affordable homes, high-paying jobs, and robust local economies


These Are America’s Most Undersupplied Housing Markets

Due to the housing affordability crisis, it's anticipated U.S. home builders will fall short on meeting housing needs in 2023

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.