Philadelphia FHA Loan Rates, Closing Costs & Stats

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Philadelphia's 276 lenders originated 16,832 FHA loans during 2022. The total origination value was $4,208,920,000, with an average FHA loan value of $250,055.

Philadelphia FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Philadelphia averaged -0.54% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Philadelphia's average FHA mortgage closing costs are $8,292.

The average rate for the prior week (2024-02-16) was 6% and one month ago for the week of 2024-01-19, the average rate was 5.94%.

The average rate one year ago was 5.9%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.22%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Philadelphia FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Philadelphia level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 1,382 4.57% $10,758
CROSSCOUNTRY MORTGAGE, LLC 834 5.14% $11,970
UNITED WHOLESALE MORTGAGE, LLC 516 4.88% $11,396
LOANDEPOT.COM, LLC 478 4.70% $11,298
GREENTREE MORTGAGE COMPANY, L.P. 476 4.93% $9,378
ALLIED MORTGAGE GROUP, INC. 450 4.97% $10,055
MOVEMENT MORTGAGE, LLC 392 5.02% $10,259
Prosperity Home Mortgage, LLC 383 5.07% $9,398
PENNYMAC LOAN SERVICES, LLC 357 4.21% $9,864
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 356 4.98% $11,376
Meridian Bank Corporation 327 5.26% $9,938
NATION ONE MORTGAGE CORPORATION 326 5.28% $13,569
NFM, INC. 315 5.18% $10,274
CALIBER HOME LOANS, INC. 309 4.68% $10,654
Mr. Cooper ( Nationstar Mortgage ) 295 4.58% $12,486
Huntingdon Valley Bank 295 5.00% $9,772
ABSOLUTE HOME MORTGAGE CORPORATION 287 5.17% $11,980
FREEDOM MORTGAGE CORPORATION 261 5.04% $10,537
Acre Mortgage and Financial Inc 253 5.18% $12,141
GUARANTEED RATE, INC. 244 4.86% $10,626
Gateway First Bank 233 4.96% $7,800
FINANCE OF AMERICA MORTGAGE LLC 232 4.82% $11,447
PIKE CREEK MORTGAGE SERVICES, INC. 213 5.32% $10,868
BROKER SOLUTIONS, INC. 212 5.23% $11,085
Carrington Mortgage Services, LLC 186 5.01% $11,657
NVR Mortgage Finance, Inc. 182 4.20% $15,000
CARDINAL FINANCIAL 180 4.76% $11,497
Citizens Bank 169 4.32% $10,037
HOME POINT FINANCIAL CORPORATION 165 4.27% $11,270
AMERISAVE MORTGAGE CORPORATION 159 4.51% $11,635
LAKEVIEW LOAN SERVICING, LLC 158 3.88% $7,620
EMM LOANS LLC 157 5.00% $12,608
NEWREZ LLC 149 4.55% $9,033
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 147 5.14% $10,687
SUCCESS MORTGAGE PARTNERS, INC. 142 4.95% $11,843
ROUNDPOINT MORTGAGE SERVICING CORPORATION 112 4.58% $8,605
Equity Prime Mortgage LLC 101 5.04% $12,492
CMG MORTGAGE, INC. 100 5.13% $11,909
PRIMARY RESIDENTIAL MORTGAGE, INC. 93 5.14% $10,541
Bank of America 90 3.97% $6,010
HOMEBRIDGE FINANCIAL SERVICES, INC. 90 4.93% $12,491
GUILD MORTGAGE COMPANY 89 5.13% $12,100
Mortgage America, Inc. 87 5.28% $9,154
Nations Lending Corporation 84 5.02% $10,543
Paramount Residential Mortgage Group, Inc. 82 5.00% $11,522
Univest Bank and Trust Co. 80 4.77% $8,790
Evolve Bank & Trust 80 5.30% $11,225
Fulton Bank 78 4.73% $7,995
Advisors Mortgage Group, L.L.C. 72 5.03% $10,853
ENVOY MORTGAGE, LTD 72 5.07% $11,776
Northpointe Bank 69 5.17% $10,777
FIRST HERITAGE FINANCIAL, LLC 66 5.19% $9,419
US MORTGAGE CORPORATION 63 4.99% $12,609
HOMESIDE FINANCIAL, LLC 61 4.84% $11,985
MORTGAGE ACCESS CORP. 59 4.92% $11,142
NATIONWIDE MORTGAGE BANKERS, INC. 58 5.14% $13,370
Lakeview Community Capital, LLC 55 4.24% $7,500
PRIMELENDING, A PLAINSCAPITAL COMPANY 54 4.97% $10,079
EVERETT FINANCIAL, INC. 53 5.45% $7,139
Wilmington Savings Fund Society, FSB 52 5.42% $8,390
LENDING CAPITAL GROUP Inc 52 4.89% $13,781
M&T Bank 50 4.41% $9,027
Philadelphia Mortgage Advisors, Inc. 50 4.76% $8,197
Quaint Oak Mortgage, LLC 50 5.07% $10,223
VILLAGE CAPITAL MORTGAGE 50 3.83% $6,612
1st Colonial Community Bank 50 5.07% $10,178
EMBRACE HOME LOANS, INC. 48 4.78% $10,795
MUTUAL OF OMAHA MORTGAGE, INC. 44 5.07% $12,819
DHI MORTGAGE COMPANY, LTD. 44 4.34% $12,542
GUARANTEED RATE AFFINITY, LLC 43 4.91% $10,255
PNC Bank 41 4.51% $7,552
SUN WEST MORTGAGE COMPANY, INC. 40 5.35% $11,333
Financial Freedom Mortgage, LLC 39 4.99% $12,464
Flagstar Bank, FSB 39 5.10% $10,872
Wells Fargo Bank 38 4.63% $5,701
Summit Mortgage Corporation 38 5.42% $11,004
AMERICAN HERITAGE FCU 36 5.07% $8,151
RELIANCE FIRST CAPITAL, LLC 35 5.21% $11,654
PLANET HOME LENDING, LLC 34 3.88% $8,073
The Federal Savings Bank 32 4.38% $15,416
Mid Penn Bank 32 5.14% $10,339
Princeton Mortgage Corporation 32 5.11% $11,387
DEVELOPER'S MORTGAGE COMPANY 31 5.17% $9,410
TOP FLITE FINANCIAL, INC. 31 5.45% $16,587
DRAPER AND KRAMER MORTGAGE CORP. 31 4.92% $10,037
Customers Bank 31 4.59% $7,555
FIRST ALLIANCE HOME MORTGAGE, LLC 30 5.05% $9,713
AmRes Corporation 30 4.42% $12,598
Mortgage Research Center, LLC 30 5.03% $7,794
MCLEAN MORTGAGE CORPORATION 29 4.90% $11,171
JPMorgan Chase Bank 28 4.88% $5,596
Plains Commerce Bank 28 5.52% $11,225
PLAZA HOME MORTGAGE, INC. 27 5.10% $12,644
APEX HOME LOANS, INC. 26 4.41% $13,516
First Home Bank 26 4.86% $14,137
TIDEWATER MORTGAGE SERVICES, INC. 25 5.17% $10,637
Republic Bank 25 4.69% $8,124
Center City Mortgage and Investments LLC 25 5.76% $9,246
CONTOUR MORTGAGE CORPORATION 24 5.47% $14,225
AmeriHome Mortgage Company, LLC 23 4.82% $9,723
UNITED MORTGAGE CORP 22 4.90% $13,373
CHERRY CREEK MORTGAGE, LLC 22 5.10% $3,379
NJ LENDERS CORP. 19 5.16% $10,887
BAYSHORE MORTGAGE FUNDING, LLC 19 4.70% $11,288
ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 4.89% $12,166
Firstrust Savings Bank 19 4.98% $8,283
TD Bank 19 4.43% $5,463
AMERICAN PACIFIC MORTGAGE CORPORATION 19 5.61% $11,430
MLB RESIDENTIAL LENDING, LLC 18 5.12% $15,102
ARC HOME LLC 18 4.37% $11,645
LOANPAL, LLC 16 4.70% $12,624
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 15 5.04% $12,678
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 15 4.75% $13,257
LIBERTY HOME MORTGAGE CORPORATION 14 5.42% $10,328
EAGLE HOME MORTGAGE, LLC 14 5.04% $12,580
UNION HOME MORTGAGE CORP. 13 5.00% $11,062
First Savings Bank 13 5.69% $12,328
East Coast Capital Corp. 13 5.35% $15,773
TOWNE MORTGAGE COMPANY 13 4.20% $13,477
First Guaranty Mortgage Corporation 13 3.73% $9,157
MORTGAGE SOLUTIONS OF COLORADO, LLC 13 4.81% $14,738
First Option Mortgage, LLC 13 5.14% $10,237
SWBC MORTGAGE CORPORATION 12 5.18% $9,282
GSF Mortgage Corporation 12 6.01% $12,260
OCMBC, INC. 12 4.67% $12,782
NORWICH COMMERCIAL GROUP, INC. 12 5.40% $13,060
RESIDENTIAL HOME FUNDING CORP. 11 4.72% $11,327
BECKAM FUNDING CORP. 11 5.93% $18,404
BAY EQUITY LLC 11 5.68% $9,709
ACADEMY MORTGAGE CORPORATION 11 5.25% $9,961
OAKTREE FUNDING CORP. 11 5.42% $15,259
NETWORK CAPITAL FUNDING CORPORATION 10 4.45% $13,233
Presidential Bank, FSB 10 4.99% $11,687
GENEVA FINANCIAL, LLC 10 5.35% $12,432
PHH Mortgage Corporation 10 4.46% $11,710
BEST CAPITAL FUNDING 10 3.81% $13,047
AMERICAN FINANCING CORPORATION 10 5.13% $11,316
ZILLOW HOME LOANS, LLC 10 4.51% $10,165
NP, Inc. 9 4.82% $10,495
Peoples Bank 9 4.76% $14,643
Colonial Savings, F.A. 9 5.35% $11,040
AMERICAN FINANCIAL RESOURCES, INC. 9 5.81% $12,382
Century Mortgage Company DBA Century Lending Company 9 4.74% $11,621
MILEND, INC. 9 5.15% $18,008
Mortgage Network, Inc. 9 4.79% $10,360
Northeast Equitable Mortgage, LLC 8 5.63% $12,513
NATIONS DIRECT MORTGAGE, LLC 8 5.06% $11,824
Sierra Pacific Mortgage Company, Inc. 8 5.33% $13,491
Wyndham Capital Mortgage, Inc. 8 4.55% $10,665
LADERA LENDING, INC. 8 4.91% $12,824
MLD MORTGAGE INC. 8 5.61% $11,528
MORIA DEVELOPMENT, INC. 8 4.67% $11,050
Hometown Lenders, Inc. 8 5.03% $12,222
HOMESPIRE MORTGAGE CORPORATION 8 3.89% $13,580
Truist 7 5.02% $10,956
Bank of England 7 4.77% $14,046
Hometown Equity Mortgage, LLC 7 5.45% $12,580
LOANLEADERS OF AMERICA, INC. 7 4.98% $14,515
Santander Bank, N.A. 7 2.82% $8,201
U.S. Bank 7 3.77% $7,991
RAPID MORTGAGE COMPANY 7 5.11% $14,344
BOND STREET MORTGAGE, LLC 7 4.61% $11,136
MICHIGAN MUTUAL, INC. 7 4.23% $13,753
Barrington Bank & Trust Company, N.A. 6 5.23% $9,201
FEDERATED LENDING CORPORATION 6 5.31% $10,686
BETTER MORTGAGE CORPORATION 6 3.60% $14,709
GUARANTY HOME MORTGAGE CORPORATION 6 3.65% $13,712
GREENWAY MORTGAGE FUNDING CORP. 6 4.38% $12,269
MDE Home Loans, LLC 6 5.29% $14,664
North American Savings Bank, F.S.B. 6 4.94% $8,542
LAND HOME FINANCIAL SERVICES, INC. 5 6.30% $16,434
FIDELITY DIRECT MORTGAGE, LLC 5 4.93% $15,586
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 5 5.10% $17,586
SOUTHERN TRUST MORTGAGE, LLC 5 4.73% $14,116
SOVEREIGN LENDING GROUP INCORPORATED 5 4.18% $12,614
Blue Ridge Bank 5 5.90% $10,509
George Mason Mortgage, LLC 5 3.62% $8,794
NBKC BANK 5 4.05% $8,216
FIRST HOME MORTGAGE CORPORATION 5 4.90% $14,967
DIRECT MORTGAGE LOANS, LLC 5 5.35% $12,245
LEADERONE FINANCIAL CORPORATION 5 4.68% $15,325
ROYAL UNITED MORTGAGE LLC 5 4.95% $8,622
Magnolia Bank 4 5.25% $13,479
T2 FINANCIAL LLC 4 3.66% $11,242
NEXERA HOLDING LLC 4 5.47% $8,554
RESIDENTIAL BANCORP 4 4.47% $9,686
Texana Bank 4 3.63% $8,860
OCEANSIDE MORTGAGE COMPANY 4 4.66% $5,292
HOMEAMERICAN MORTGAGE CORPORATION 4 4.59% $9,169
Capital Bank 4 4.44% $9,361
Florida Capital Bank 4 5.34% $13,008
UNITED NORTHERN MORTGAGE BANKERS LIMITED 4 5.56% $10,417
Residential Mortgage Solutions, Inc. 3 5.25% $11,177
DAS Acquisition Company, LLC 3 5.92% $15,205
Cornerstone First Mortgage, Inc 3 5.33% $10,162
GOLDEN WEST ALLIANCE, INC. 3 6.38% $13,335
CHURCHILL MORTGAGE CORPORATION 3 5.25% $12,393
KeyBank 3 4.83% $13,116
Kwik Mortgage Corporation 3 5.33% $13,291
PANORAMA MORTGAGE GROUP, LLC 3 4.83% $14,168
PENTAGON FEDERAL CREDIT UNION 3 5.25% $8,975
Strong Home Mortgage, LLC 3 4.50% $7,371
AMERICAN FEDERAL MORTGAGE CORPORATION 3 4.42% $8,335
TOTAL MORTGAGE SERVICES, LLC 3 5.79% $13,264
BAY CAPITAL MORTGAGE CORPORATION 2 4.44% $10,237
MY MORTGAGE, INC. 2 5.63% $12,641
York Traditions Bank 2 6.06% $11,467
Citibank 2 5.81% $10,034
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 6.56% $20,021
First National Bank of Pennsylvania 2 4.31% $8,668
CLIFFCO, INC. 2 3.50% $14,512
AMERICAN ADVISORS GROUP 2 4.00% $17,358
RESIDENTIAL HOME MORTGAGE CORPORATION 2 5.69% $11,818
PINNACLE MORTGAGE, INC. 2 5.25% $7,741
Commerce Home Mortgage, Inc. 2 4.38% $11,710
VAN DYK MORTGAGE CORPORATION 2 4.75% $14,778
MID-ISLAND MORTGAGE CORP. 2 3.88% $12,303
STATE EMPLOYEES CREDIT UNION OF MARYLAND, INCORPORATED 2 4.69% $3,689
STOCKTON MORTGAGE CORPORATION 2 4.94% $14,612
Fifth Third Bank 2 3.94% $12,743
MID AMERICA MORTGAGE, INC. 2 6.75% $12,857
Austin Capital Bank SSB 2 4.56% $8,578
GEO-CORP, INC. 2 5.69% $12,092
FAY SERVICING, LLC 2 4.69% $9,741
RUOFF MORTGAGE COMPANY, INC. 1 5.13% $6,636
S1L, Inc. 1 5.25% $16,208
JET DIRECT FUNDING CORP 1 5.13% $25,051
Ixonia Bank 1 5.75% $16,230
Integrity Home Mortgage Corp 1 4.75% $15,091
INLAND BANK & TRUST 1 6.13% $15,358
SUMMIT FUNDING, INC. 1 6.75% $13,500
HOMESTEAD FUNDING CORP. 1 5.13% $8,555
CLEARPATH LENDING 1 2.99% $6,674
HARTFORD FUNDING, LTD. 1 5.00% $13,505
The Central Trust Bank 1 4.50% $7,400
THE MORTGAGE FIRM, INC. 1 3.38% $7,094
THE MORTGAGE LINK, INC. 1 5.13% $12,014
The Union Bank Company 1 4.75% $18,498
THRIVE MORTGAGE, LLC 1 6.75% $13,853
COMMUNITYAMERICA 1 4.50% $15,898
Towne Bank 1 5.25% $9,084
GENNEXT FUNDING, LLC 1 5.63% $15,050
TruHome Solutions, LLC 1 3.88% $6,524
Credence Funding Corporation 1 5.00% $10,843
Franklin Loan Corporation 1 6.13% $18,048
First Internet Bank of Indiana 1 3.75% $6,801
AMCAP MORTGAGE, LTD. 1 4.88% $13,437
DATA MORTGAGE, INC. 1 7.00% $15,664
Alcova Mortgage LLC 1 7.00% $7,918
Victorian Finance, LLC 1 3.50% $11,194
A&D Mortgage LLC 1 6.63% $20,001
First Federal Bank 1 5.50% $11,727
Willamette Valley Bank 1 3.25% $10,334
1ST PREFERENCE MORTGAGE CORP. 1 6.13% $14,417
Axos Bank 1 4.00% $7,143
Assurance Financial Group, L.L.C. 1 5.63% $14,665
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 4.88% $14,792
ON Q FINANCIAL, INC. 1 3.25% $12,535
BAYCOAST MORTGAGE COMPANY, LLC 1 2.50% $9,766
NEW FED MORTGAGE, CORP. 1 6.25% $9,503
PREMIA MORTGAGE, LLC 1 6.63% $15,813
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.63% $11,243
NEW DAY FINANCIAL, LLC 1 6.25% $5,799
NASA Federal Credit Union 1 4.88% $8,957
BNC National Bank 1 4.75% $11,315
ANGEL OAK HOME LOANS LLC 1 5.13% $10,543
CANOPY MORTGAGE, LLC 1 4.99% $8,263
Ameris Bank 1 5.63% $11,181
Quontic Bank 1 6.25% $24,205
RADIUS FINANCIAL GROUP INC. 1 4.75% $15,455
MILLENIUM HOME MORTGAGE, LLC 1 4.88% $9,671
CASTLE & COOKE MORTGAGE, LLC 1 3.00% $6,889
LENOX FINANCIAL MORTGAGE CORPORATION 1 3.25% $11,178
EQUITY NOW INC. 1 6.13% $14,376
LEGEND LENDING CORPORATION 1 3.88% $9,321
Lakeland Bank 1 4.88% $7,899

The top Philadelphia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,382 FHA loans originated. Their average total fees are $10,758, which is $1,212 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Philadelphia FHA lenders (with over 10 loans originated) are CHERRY CREEK MORTGAGE, LLC ($3,379), TD Bank ($5,463), JPMorgan Chase Bank ($5,596), Wells Fargo Bank ($5,701) and Bank of America ($6,010).

The lowest rate Philadelphia FHA lenders (with over 10 loans originated) are First Guaranty Mortgage Corporation (3.73%), BEST CAPITAL FUNDING (3.81%), VILLAGE CAPITAL MORTGAGE (3.83%), LAKEVIEW LOAN SERVICING, LLC (3.88%) and PLANET HOME LENDING, LLC (3.88%).

Philadelphia FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD NEW CASTLE 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CECIL 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD BURLINGTON 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CAMDEN 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD GLOUCESTER 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD SALEM 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD BUCKS 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CHESTER 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD DELAWARE 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD MONTGOMERY 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD PHILADELPHIA 2022 $477,250 $610,950 $738,500 $917,800
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD NEW CASTLE 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CECIL 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD BURLINGTON 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CAMDEN 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD GLOUCESTER 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD SALEM 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD BUCKS 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD CHESTER 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD DELAWARE 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD MONTGOMERY 2023 $529,000 $677,200 $818,600 $1,017,300
PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD PHILADELPHIA 2023 $529,000 $677,200 $818,600 $1,017,300

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $229,995 (5.0%) $343,148 (3.1%) 0.85 20,091
2018-02-01 $236,495 (7.5%) $345,641 (2.6%) 0.86 20,324
2018-03-01 $240,000 (5.2%) $355,372 (2.9%) 0.84 19,664
2018-04-01 $249,950 (6.4%) $368,667 (4.1%) 0.85 20,536
2018-05-01 $264,500 (8.2%) $382,305 (5.4%) 0.88 21,369
2018-06-01 $269,000 (8.7%) $388,007 (5.6%) 0.90 21,956
2018-07-01 $269,900 (8.2%) $387,673 (6.0%) 0.90 22,046
2018-08-01 $262,450 (5.8%) $381,803 (5.9%) 0.88 22,059
2018-09-01 $260,000 (5.3%) $381,222 (5.3%) 0.87 22,372
2018-10-01 $264,900 (6.0%) $381,630 (4.2%) 0.90 22,719
2018-11-01 $262,000 (8.1%) $378,883 (7.1%) 0.89 21,974
2018-12-01 $252,950 (6.3%) $372,337 (7.1%) 0.87 20,169
2019-01-01 $249,900 (8.7%) $362,674 (5.7%) 0.86 18,670
2019-02-01 $250,000 (5.7%) $367,914 (6.4%) 0.84 18,442
2019-03-01 $263,571 (9.8%) $382,802 (7.7%) 0.86 18,991
2019-04-01 $275,000 (10.0%) $395,384 (7.3%) 0.87 19,615
2019-05-01 $285,275 (7.9%) $405,589 (6.1%) 0.89 20,163
2019-06-01 $289,900 (7.8%) $407,178 (4.9%) 0.91 20,609
2019-07-01 $286,000 (6.0%) $404,857 (4.4%) 0.90 20,476
2019-08-01 $288,811 (10.0%) $407,988 (6.9%) 0.91 19,922
2019-09-01 $294,542 (13.3%) $417,180 (9.4%) 0.94 19,184
2019-10-01 $298,363 (12.6%) $424,153 (11.1%) 0.96 18,547
2019-11-01 $294,800 (12.5%) $421,606 (11.3%) 0.97 17,424
2019-12-01 $285,495 (12.9%) $419,734 (12.7%) 0.95 15,070
2020-01-01 $284,448 (13.8%) $417,078 (15.0%) 0.95 13,599
2020-02-01 $289,986 (16.0%) $430,008 (16.9%) 0.95 13,201
2020-03-01 $299,950 (13.8%) $443,288 (15.8%) 0.94 13,324
2020-04-01 $299,900 (9.1%) $442,711 (12.0%) 0.94 11,889
2020-05-01 $309,945 (8.7%) $451,578 (11.3%) 0.94 12,389
2020-06-01 $327,450 (13.0%) $472,121 (16.0%) 0.96 12,509
2020-07-01 $339,900 (18.9%) $495,413 (22.4%) 0.99 11,427
2020-08-01 $339,900 (17.7%) $503,338 (23.4%) 0.97 10,853
2020-09-01 $339,950 (15.4%) $506,058 (21.3%) 0.97 10,877
2020-10-01 $344,900 (15.6%) $514,093 (21.2%) 0.99 10,827
2020-11-01 $337,450 (14.5%) $509,052 (20.7%) 0.99 10,406
2020-12-01 $325,000 (13.8%) $499,138 (18.9%) 0.97 9,098
2021-01-01 $320,000 (12.5%) $500,475 (20.0%) 0.96 7,975
2021-02-01 $320,000 (10.4%) $512,115 (19.1%) 0.93 7,133
2021-03-01 $325,000 (8.4%) $521,990 (17.8%) 0.92 7,273
2021-04-01 $336,450 (12.2%) $537,418 (21.4%) 0.91 7,632
2021-05-01 $339,000 (9.4%) $524,162 (16.1%) 0.90 8,302
2021-06-01 $330,000 (0.8%) $501,219 (6.2%) 0.87 9,874
2021-07-01 $325,000 (-4.4%) $483,789 (-2.4%) 0.86 10,683
2021-08-01 $319,900 (-5.9%) $470,989 (-6.4%) 0.85 10,997
2021-09-01 $319,500 (-6.0%) $468,032 (-7.5%) 0.85 11,020
2021-10-01 $319,900 (-7.3%) $470,906 (-8.4%) 0.85 10,709
2021-11-01 $311,200 (-7.8%) $469,869 (-7.7%) 0.83 9,790
2021-12-01 $299,950 (-7.7%) $465,523 (-6.7%) 0.81 8,423
2022-01-01 $299,900 (-6.3%) $476,101 (-4.9%) 0.81 6,980
2022-02-01 $299,950 (-6.3%) $485,606 (-5.2%) 0.78 6,569
2022-03-01 $312,125 (-4.0%) $495,502 (-5.1%) 0.78 6,933
2022-04-01 $325,000 (-3.4%) $500,971 (-6.8%) 0.77 7,331
2022-05-01 $339,950 (0.3%) $505,725 (-3.5%) 0.78 8,561
2022-06-01 $348,900 (5.7%) $504,160 (0.6%) 0.78 9,672
2022-07-01 $345,000 (6.2%) $499,486 (3.2%) 0.78 10,801
2022-08-01 $339,450 (6.1%) $495,209 (5.1%) 0.78 10,790
2022-09-01 $335,000 (4.9%) $495,062 (5.8%) 0.78 10,749
2022-10-01 $335,000 (4.7%) $498,370 (5.8%) 0.79 11,162
2022-11-01 $331,450 (6.5%) $497,789 (5.9%) 0.80 11,004
2022-12-01 $325,000 (8.4%) $492,295 (5.8%) 0.80 9,606
2023-01-01 $322,000 (7.4%) $496,357 (4.3%) 0.80 8,730
2023-02-01 $322,450 (7.5%) $510,642 (5.2%) 0.78 8,088
2023-03-01 $328,450 (5.2%) $516,575 (4.3%) 0.77 7,967
2023-04-01 $339,640 (4.5%) $538,707 (7.5%) 0.79 8,053
2023-05-01 $349,450 (2.8%) $544,226 (7.6%) 0.79 8,047
2023-06-01 $354,950 (1.7%) $560,838 (11.2%) 0.80 8,318
2023-07-01 $350,000 (1.5%) $553,808 (10.9%) 0.80 8,348
2023-08-01 $350,000 (3.1%) $543,128 (9.7%) 0.80 8,555
2023-09-01 $350,000 (4.5%) $541,242 (9.3%) 0.81 9,092
2023-10-01 $350,000 (4.5%) $543,703 (9.1%) 0.82 9,607
2023-11-01 $349,900 (5.6%) $536,853 (7.9%) 0.83 9,708
2023-12-01 $340,000 (4.6%) $531,015 (7.9%) 0.83 8,879
Philadelphia's median listing price for 2023-12-01 was $340,000, a difference of $15,000 (4.6%) versus the prior year and $-9,900 versus the prior month.

Philadelphia's median listing price comes in at 83% of the national average.

Philadelphia's average listing price for 2023-12-01 was $531,015, a difference of $38,720 (7.9%) versus the prior year and $-5,838 versus the prior month.

For the 2023-12-01 period, Philadelphia had 8,879 MLS listings, a difference of -829 listings (-9%) versus the prior month and -727 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Philadelphia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 1,700 sqft
2018-02-01 73 days 1,705 sqft
2018-03-01 54 days 1,718 sqft
2018-04-01 52 days 1,755 sqft
2018-05-01 48 days 1,800 sqft
2018-06-01 51 days 1,825 sqft
2018-07-01 57 days 1,826 sqft
2018-08-01 59 days 1,804 sqft
2018-09-01 60 days 1,800 sqft
2018-10-01 60 days 1,800 sqft
2018-11-01 63 days 1,800 sqft
2018-12-01 72 days 1,762 sqft
2019-01-01 79 days 1,751 sqft
2019-02-01 72 days 1,772 sqft
2019-03-01 58 days 1,803 sqft
2019-04-01 46 days 1,829 sqft
2019-05-01 45 days 1,862 sqft
2019-06-01 50 days 1,876 sqft
2019-07-01 57 days 1,855 sqft
2019-08-01 57 days 1,858 sqft
2019-09-01 58 days 1,875 sqft
2019-10-01 58 days 1,884 sqft
2019-11-01 61 days 1,850 sqft
2019-12-01 73 days 1,827 sqft
2020-01-01 79 days 1,800 sqft
2020-02-01 62 days 1,825 sqft
2020-03-01 45 days 1,846 sqft
2020-04-01 58 days 1,829 sqft
2020-05-01 71 days 1,860 sqft
2020-06-01 53 days 1,882 sqft
2020-07-01 43 days 1,875 sqft
2020-08-01 40 days 1,848 sqft
2020-09-01 39 days 1,792 sqft
2020-10-01 45 days 1,776 sqft
2020-11-01 49 days 1,740 sqft
2020-12-01 58 days 1,686 sqft
2021-01-01 64 days 1,635 sqft
2021-02-01 56 days 1,611 sqft
2021-03-01 42 days 1,624 sqft
2021-04-01 35 days 1,659 sqft
2021-05-01 32 days 1,675 sqft
2021-06-01 33 days 1,668 sqft
2021-07-01 37 days 1,650 sqft
2021-08-01 41 days 1,624 sqft
2021-09-01 45 days 1,602 sqft
2021-10-01 45 days 1,598 sqft
2021-11-01 49 days 1,558 sqft
2021-12-01 56 days 1,530 sqft
2022-01-01 61 days 1,504 sqft
2022-02-01 49 days 1,516 sqft
2022-03-01 35 days 1,536 sqft
2022-04-01 33 days 1,545 sqft
2022-05-01 32 days 1,597 sqft
2022-06-01 35 days 1,644 sqft
2022-07-01 38 days 1,620 sqft
2022-08-01 44 days 1,591 sqft
2022-09-01 49 days 1,586 sqft
2022-10-01 49 days 1,598 sqft
2022-11-01 52 days 1,589 sqft
2022-12-01 61 days 1,562 sqft
2023-01-01 67 days 1,546 sqft
2023-02-01 63 days 1,545 sqft
2023-03-01 50 days 1,556 sqft
2023-04-01 44 days 1,562 sqft
2023-05-01 44 days 1,591 sqft
2023-06-01 45 days 1,629 sqft
2023-07-01 45 days 1,619 sqft
2023-08-01 45 days 1,595 sqft
2023-09-01 45 days 1,578 sqft
2023-10-01 44 days 1,597 sqft
2023-11-01 46 days 1,574 sqft
2023-12-01 56 days 1,541 sqft
Philadelphia's median listing age (time on market) for 2023-12-01 was 56 days. This is -8% shorter than the same period one year ago.

Philadelphia's median square footage for active listings during the 2023-12-01 period was 1,541 sqft. One year prior, the average listing was 1,562 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).