Philadelphia s population is 6.1M, with a total workforce of 2.9M. The labor market grew by 23,500 jobs over the past year, up by 0.8%. The median household income in Philadelphia is $70,984, 3.5% higher than last year and 15.7% above the national average of $61,372.
In the housing market, total permits issued totaled 13,614 over the last twelve months, up 2.4% year-over-year. Philadelphia has 354 active new home projects on the market, 9.2% fewer than the 390 from last year. The average list price in the market is $486,591, 6.3% higher than last year and 55.6% above the national average. Over the last three months, new home contracts decreased by 16.7% to 1,461. Philadelphia and Middletown had the highest concentration of the new home contracts in the Philadelphia market.