Local home buyers are spending almost 50% more per square foot for a new home than they did five years ago, according to a report by Clever Real Estate. Price increases are outpacing inflation.
Local home buyers are spending almost 50% more per square foot for a new home than they did five years ago.
In the Philadelphia metropolitan area, buyers paid a median of $218 per square foot for a new single-family home in 2023, according to a. That’s up from $147 per square foot in 2018. The typical home was 1,627 square feet in 2023. Comparing the 50 metros with the largest populations, the Philly region’s price increase is in the middle of the pack. The area ranks 23rd. Across all 50 metros, buyers paid a median of $214 per square foot in 2023, up from $189 in 2018.“Most Americans at this point are no longer surprised by how expensive everything is,” said Sam M. Huisache, a data writer at Clever Real Estate and author of the report.
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