There’s no doubt about it: Philly’s home prices are on the move, and inventory is pretty low. That means the real estate market is incredibly hot right now, with even million-dollar listings selling quickly. In the first quarter of 2017, 30 homes in Philly sold for $1 million or more, according to latest sale records.
But what about those top-tier listings? You know, the ones that offer high-class finishes and amenities like a private roof-top pool or an aquarium?
NeighborhoodX crunched the numbers on the 10 most expensive homes for sale in Philly at this very moment. Its analysis revealed some interesting details about these pricey properties.
For example, they all have one thing in common: Their location. Seven of the 10 homes are located in the Rittenhouse Square neighborhood. The other three are located in Society Hill.
In addition, they’re all pretty big. “In terms of size, these are all large properties, from 4,166 to 14,131 square feet,” says NeighborhoodX founder Constantine Valhouli.
The 10 priciest properties come with price tags that range from $4.95 million to $14 million. Compared to San Francisco or New York, that may sound like chump change. But here in Philly, where the median home price currently stands at $137,000, those prices are nothing to scoff at.
The most expensive residential property for sale in Philly: A $14 million penthouse in the Residences at the Ritz-Carlton. It’s the priciest property, but it’s a completely raw space.
And while it’s the most expensive home for sale based on asking price, it’s not the most expensive home based on price per square footage (only $1,471 per square foot compared to the condo at 1706 Rittenhouse, asking $1,680 per square foot).
Meanwhile, the most affordable property per square foot is, in fact, two homes for the price of one. “The most affordable was $350 per square feet at 238 S 4th Street in Society Hill, a package of two adjacent townhouses,” said Valhouli. Perhaps it’s too much home despite its affordability: The property has been on and off the market since 2014.