Tips for Relocating to Philadelphia: A Real Estate Perspective

Relocating to a new city is an exciting yet challenging process, especially when you’re moving to a dynamic and historic city like Philadelphia. As an out-of-state buyer, navigating the city’s diverse neighborhoods, unique real estate market, and lifestyle options can feel overwhelming without the right guidance. From understanding market trends to choosing the perfect neighborhood, this guide provides actionable tips and insights to help you transition smoothly and confidently into your new home in Philadelphia.

1. Get to Know Philadelphia’s Neighborhoods

Philadelphia is often called a “city of neighborhoods,” each with its own distinct character, culture, and amenities. Here’s a breakdown of some popular areas to consider:

Historic Charm:

Old City: Known as “America’s most historic square mile,” this neighborhood is perfect for history buffs. Expect cobblestone streets, 18th-century rowhouses, and easy access to Independence Hall and the Liberty Bell.
Society Hill: A step up in terms of luxury, this area offers Federal-style homes, leafy streets, and a high-end community feel.

Family-Friendly Living:

Chestnut Hill: Nestled in Northwest Philadelphia, Chestnut Hill is known for its suburban feel, excellent schools, and charming downtown with boutique shops and cafes.
Mount Airy: Diverse and welcoming, Mount Airy is perfect for those seeking tree-lined streets and larger homes.

Urban Lifestyle:

Center City: The bustling heart of the city offers luxury condos, high-rises, and easy access to restaurants, theaters, and public transportation.
Fishtown: A trendy area popular with young professionals and creatives, Fishtown boasts a vibrant food and arts scene.

Budget-Friendly Options:

Roxborough/Manayunk: Known for its hillside views, walkable downtown, and mix of affordability and charm.
Southwest Philadelphia: Offers affordable housing options and proximity to major roadways and public transportation.

2. Understand the Philadelphia Real Estate Market

Market Trends:

Philadelphia offers a mix of historic homes, new construction, and condos, with prices varying significantly by neighborhood. The market is competitive but more affordable compared to other major East Coast cities like New York or Washington, D.C.

Median Home Prices (2024): Around $300,000, but this varies by location.
Property Taxes: Philadelphia’s property taxes are relatively low compared to surrounding counties, averaging 1.5% of a property’s assessed value.

3. Plan Ahead for Commuting

Philadelphia’s transportation system is robust, offering options for drivers, cyclists, and public transit users:

Public Transit: SEPTA operates buses, subways, trolleys, and commuter trains, making it easy to get around without a car.
Proximity to Major Highways: I-76, I-95, and the Pennsylvania Turnpike connect Philadelphia to surrounding areas.
Walkability: Many neighborhoods, like Center City and University City, are highly walkable.

If you plan to commute to work, proximity to transportation hubs should factor into your neighborhood choice.

4. Leverage Virtual Resources for House Hunting

As an out-of-state buyer, you may not have the flexibility to view every potential home in person. Take advantage of these resources:

Virtual Tours: Many realtors in Philadelphia offer 3D home tours and live walkthroughs.
Neighborhood Guides: Online resources like blogs, social media, and YouTube videos provide real-life insights into local living.
Market Reports: Request data from your agent on comparable sales and market trends to make informed decisions.

5. Account for Relocation Costs

Moving across state lines involves additional expenses beyond the home purchase price:

Moving Services: Costs can range from $2,000–$8,000, depending on the distance and the amount of belongings.
Temporary Housing: If you need time to find your dream home, budget for short-term rentals or extended-stay hotels.
Closing Costs: Expect to pay 2–5% of the home’s price in closing costs, which include transfer taxes, title insurance, and inspection fees.

6. Explore Philadelphia’s Lifestyle

Philadelphia offers a vibrant cultural and social scene for all ages:

Art & History: The Philadelphia Museum of Art, Barnes Foundation, and countless historical landmarks provide endless exploration opportunities.
Dining: From the iconic cheesesteak to fine dining, the food scene is world-class.
Parks & Recreation: Fairmount Park, one of the largest urban parks in the U.S., is perfect for outdoor enthusiasts.

7. Partner with a Local Real Estate Agent

Working with a knowledgeable real estate professional is crucial when relocating. A local agent can:

Provide insights into the city’s neighborhoods and market trends.
Coordinate virtual or in-person home tours.
Help you navigate Philadelphia’s unique real estate laws and regulations.

8. Know What to Expect on Move-In Day

Once you’ve closed on your home, be prepared for Philadelphia-specific logistics:

Parking Permits: If your neighborhood has limited parking, look into obtaining a residential parking permit.
Utility Setup: Arrange for water, gas, and electricity through local providers like PECO and PGW.
Trash & Recycling: Philadelphia has a specific schedule for waste collection based on location.

Ready to Make Philadelphia Home?

Relocating to Philadelphia is a big step, but it can be an exciting and rewarding one with the right planning and guidance. Philadelphia Realtors is here to help you every step of the way—from choosing the perfect neighborhood to navigating the complexities of buying a home out-of-state.

Philadelphia Realtors and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.