Most Expensive Philadelphia Neighborhoods

One of the greatest features of Philadelphia is the love that its residents have for this historic city. From the sports teams, dynamic food culture, and abundant choice of bustling, diverse neighborhoods, what’s not to love. 

Greater still is the love Philly residents have for the neighborhood they live in. While most folks will argue that they live in one of the best Philadelphia neighborhoods, it is this passion for their communities that has made some realize they now live in one of the most expensive neighborhoods in Philly.

If you are curious how your favorite neighborhood stacks up, below we’ve compiled a list of the most expensive Philadelphia neighborhoods in 2020.

Rittenhouse Square

Rittenhouse Square is often considered one of the most sought after and most affluent neighborhoods in Philadelphia, and for good reason. Real estate prices are among the highest in this enclave and Rittenhouse’s central location is perfect for easy access to restaurants, shops and Center City office buildings. 

The neighborhood includes a desirable mix of high-end housing with both luxury, high-rise condo buildings and townhouses that offer the historic Philly charm. The famous park with the same namesake is the icing on the cake! 

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Chestnut Hill

Chestnut Hill is not just one of the most expensive Philly neighborhoods. It is also one of the most picturesque and convenient submarkets in the city. Nestled in the northwest section of Philadelphia, Chestnut Hill has the unique balance of easy access to Center City with the welcoming feel of a main street suburb thanks to Germantown Avenue’s cute shops, restaurants and cafes.

One of the major factors attracting homebuyers to Chestnut Hill is the neighborhood’s diverse housing options. This affluent area includes everything from modest rowhomes to 19th century farmhouses, all the way to stone mansions for folks with bigger budgets. There is something for everyone in Chestnut Hill.

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Society Hill

Society Hill occupies a terrific location near the Delaware River and is sandwiched between Old City, Queen Village and Washington Square West. Some of the most beautiful and historic residential blocks in the entire nation are housed in Society Hill. The quintessential Philadelphia brick rowhome that defines this great city was blueprinted and perfected here.

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Old City

While the neighborhood’s roots date back to before its hosting of the signing of the Declaration of Independence, Old City offers so much more than just tourist attractions like the Liberty Bell, Independence Hall, and other art and culture destinations.

In addition to the 18th century townhomes which have been renovated to include modern interiors, many former manufacturing buildings have been converted into luxury urban lofts. This combination of housing stock has attracted well-qualified buyers seeking unique real estate.

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Queen Village

Chic galleries, hip bars, and historic townhouses are a few of the points attracting residents and driving up the prices in Queen Village in recent years. Philly home buyers seeking a vibrant neighborhood with close proximity to the center of the city are immediately attracted to Queen Village.

In addition to the beautiful, tree-lined streets and the neighborhood’s collection of colonial homes, Queen Village is also the home of the legendary Jim’s Steaks on South Street. Not only does Jim’s serve up one of the best cheesesteaks in Queen Village, it is also at or near the top of almost any Philly cheesesteak rankings list.

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Washington Square West 

Named after the park in the northeastern corner of the neighborhood, Washington Square West is a part of Philadelphia’s rich history. As a result, the neighborhood offers a wealth of colonial touches including both Federalist and Georgian row homes, as well as one-lane roads and pedestrian-only paths.

The allure of Washington Square West goes beyond real estate as the neighborhood is known for being an open-minded and welcoming community. The neighborhood includes the enclaves of Midtown Village and the Gayborhood - an endearing term for a section of Washington Square West courtesy of the many LGBT-friendly shops, restaurants, and more recent rainbow-colored street signs.

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Graduate Hospital 

Graduate Hospital has been an up-and-coming neighborhood in Philadelphia over the past decade and so have its real estate prices. A wave of revitalization and real estate development has drawn in new residents and many new local businesses. 

The neighborhood’s location near the Schuylkill River and Center City give Graduate Hospital convenient access to the downtown office district and several of the city’s universities including the University of Pennsylvania and Drexel. This attracts a diverse representation of business professionals and educators to the community.

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Northern Liberties

Northern Liberties has been a bit of a real estate media darling in recent years, emerging as one of the hippest enclaves for Philadelphia homebuyers. Known for having an artsy vibe combined with great public transit, the neighborhood has flourished with a surge of new development and top notch restaurants.

The wave of new construction in Northern Liberties has ushered in modern, luxury condos and townhomes with higher price tags. While the purchase prices may catch some by surprise, there is a trend of homebuyers that are seeking turn-key homes and the benefit of real estate tax abatements. 

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Manayunk

Manayunk has become quite a popular destination for anyone who seeks some greenery and access both to Center City and the surrounding areas of the city in Montgomery and Chester Counties and beyond. In recent years, plus the growing trend of remote work post Covid, there has been a notable trend of upper middle class working professionals moving to Manayunk. 

The neighborhood offers inviting blocks of historic row homes on hilly streets rising up from the river toward Roxborugh. Many Manayunk homes capture incredible views down toward the Schuylkill River and beyond. 

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Fishtown

Real estate prices have been on the rise in Fishtown, following the lead of its popular neighbor Northern Liberties over the past decade. Fishtown started from working-class roots and the neighborhood has become more inclusive of both professionals and creatives of all ages and backgrounds. 

While Fishtown homes haven’t yet caught the high prices of the centrally-located Center City neighborhoods, they are worth an honorable mention as they are quickly nearing some of the most expensive.

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Average Listing Price Philadelphia Neighborhoods

• Rittenhouse Square - $1,389,900
• Chestnut Hill - $1,460,103
• Society Hill - $1,009,076
• Old City - $829,976
• Queen Village - $740,285
• Washington Square West - $693,173
• Graduate Hospital - $686,221
• Northern Liberties - $677,151
• Manayunk - $527,400
• Fishtown - $411,829