Philadelphia's population is 6.1M, with a total workforce of 2.9M. The labor market grew by 45,800 jobs over the past year, up by 1.6%. The median household income in Philadelphia is $70,045, 6.1% higher than last year and 14.1% above the national average of $61,372. In the housing market, total permits issued totaled 13,482 over the last twelve months, up 3.7% year-over-year.
Philadelphia has 368 active new home projects on the market, 8.5% fewer than the 402 from last year. The average list price in the market is $473,853, 7.5% higher than last year and 48.1% above the national average. Over the last three months, new home contracts decreased by 3.3% to 1,527. Middletown and Philadelphia had the highest concentration of the new home contracts in the Philadelphia market.