Philadelphia VA Loan Rates, Closing Costs & Stats
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Philadelphia's 183 lenders originated 3,314 VA loans during 2023. The total origination value was $1,194,750,000, with an average VA loan value of $360,516.
Philadelphia VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Philadelphia
averaged
7.15%
for the week of 2024-04-19, compared to the national average (all VA variants) of
6.758% for the same period.
Philadelphia's average VA mortgage closing costs are $7,270.
The average rate for the prior week (2024-04-12) was
6.88% and
one month ago for the week of 2024-03-15, the
average rate was 6.84%.
The average rate one year ago was 6.33%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.3%.
Philadelphia VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Philadelphia level.
The top Philadelphia VA lender as defined by loan originations is Mortgage Research Center, LLC, with
542 VA loans originated. Their average total fees are
$8,467, which is $4,161
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Philadelphia VA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC ($4,266), GUARANTEED RATE AFFINITY, LLC ($7,700), NAVY FEDERAL CREDIT UNION ($8,187), Mortgage Research Center, LLC ($8,467) and NBKC BANK ($8,740).
The lowest rate Philadelphia VA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.54%), PENNYMAC LOAN SERVICES, LLC (5.66%), PENTAGON FEDERAL CREDIT UNION (5.73%), Wells Fargo Bank (5.85%) and NAVY FEDERAL CREDIT UNION (5.87%).
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 |
| 2024-01-01 | $337,375 (4.8%) | $533,636 (7.5%) | 0.82 | 7,895 |
| 2024-02-01 | $339,950 (5.4%) | $538,381 (5.4%) | 0.82 | 7,622 |
| 2024-03-01 | $349,999 (6.6%) | $559,038 (8.2%) | 0.82 | 7,863 |
Philadelphia's median listing price comes in at 82% of the national average.
Philadelphia's average listing price for 2024-03-01 was $559,038, a difference of $42,463 (8.2%) versus the prior year and $20,657 versus the prior month.
For the 2024-03-01 period, Philadelphia had 7,863 MLS listings, a difference of 241 listings (3%) versus the prior month and -104 listings (-1%) 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 | 1,804 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 | 1,634 sqft |
| 2021-02-01 | 56 days | 1,610 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 | 1,667 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 | 1,598 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 | 1,596 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 | 1,618 sqft |
| 2023-08-01 | 45 days | 1,594 sqft |
| 2023-09-01 | 45 days | 1,578 sqft |
| 2023-10-01 | 44 days | 1,597 sqft |
| 2023-11-01 | 46 days | 1,575 sqft |
| 2023-12-01 | 56 days | 1,541 sqft |
| 2024-01-01 | 66 days | 1,530 sqft |
| 2024-02-01 | 59 days | 1,530 sqft |
| 2024-03-01 | 43 days | 1,560 sqft |
Philadelphia's median square footage for active listings during the 2024-03-01 period was 1,560 sqft. One year prior, the average listing was 1,556 sqft.