Venture Philly Group
There Was a Major Increase in Condo Sales in Philly Over the Last Year
Condo sales in Philadelphia were extremely high in 2021. There was a 41% increase in condo sales from 2020 to 2021. Philadelphia has some incredible condominium buildings. Take a look at the Top 10 Luxury Condo Buildings in Philadelphia to see our favorites. In this blog let’s take a look at the number of condo sales in Philadelphia over the last 10 years, the average price points, days on the market and which neighborhoods had the highest number of condo sales.
Philadelphia Condo Sales Over the Last Two Years
There were 2,105 condos sold in Philadelphia in 2021. That’s a 41% increase from 2020 when there were 1,490 condo sales.
So far in 2022, there have already been 151 condo sales in just over one month.
The average days on the market for condos over the past two years almost exactly the same.
2021: 68 Days
2020: 67 Days
Average sales prices for condos:
5 Neighborhoods with the Most Condo Sales in 2021
Rittenhouse Square: 318
Fairmount & Art Museum Area: 222
Old City: 167
Northern Liberties: 78
Graduate Hospital: 75
Philadelphia Condo Sales Over the Last 10 Years
Over the last 10 years from 2011 to 2021, condo sales have increased 126%
The demand for condos right now is the highest it’s been in a decade
The real estate market has been so hot for the past few years and buying a single family home became extremely competitive. The condo market had more inventory and less demand at one point. But then the demand grew there as well. That could be one of the reasons why we’re seeing more condo sales at such a high right now.