The luxury housing market in Greater Philadelphia has seen noteworthy gains in the last year, writes Ryan Mulligan for the Philadelphia Business Journal.
According to data from Bright MLS, the number of sales and listings for luxury homes in the Philadelphia metro area is up considerably in the second quarter compared to the same period last year.
Luxury homes are those with prices in the top five percent of their respective market, which, in Greater Philadelphia, are homes selling for over $899,900, according to Bright MLS.
That segment saw 1,146 sales last quarter, a 19 percent increase over the same period in 2023. Inventory also rose significantly, with the number of new luxury listings hitting the market growing 39 percent to 2,245 in the same quarter compared to last year.
Meanwhile, in the ultra-luxury bracket, which encompasses homes sold in the top one percent of the market, Philadelphia’s 19103 ZIP Code was the fourth in the Mid-Atlantic for the number of sales at 28.
Malvern’s 19355 ZIP Code is close behind in fifth place with 23 sales in the top one percent.
Read more about the luxury housing market in the Philadelphia Business Journal.
Ultimate Luxury Townhome in Center City Philadelphia
