Philadelphia s population is 6.1M, with a total workforce of 2.9M. The labor market grew by 32,900 jobs over the past year, up by 1.1%. The median household income in Philadelphia is $69,967, 2.0% higher than last year and 10.7% above the national average of $63,179.
In the housing market, total permits issued totaled 15,089 over the last twelve months, up 13.2% year-over-year. Philadelphia has 351 active new home projects on the market, 8.1% fewer than the 382 from last year. The average list price in the market is $458,343, 2.2% lower than last year and 53.1% above the national average. Over the last three months, new home contracts decreased by 5.0% to 1,498. Middletown and Downingtown had the highest concentration of the new home contracts in the Philadelphia market.