National and International Demand
Philadelphia luxury opened to a global dynamic in the past two years. While initial urban exodus in 2020 drove increased buyer demand for suburban luxury, Main Line home sales have quieted considerably.
However, the global demand for multiple homes offering different lifestyles continues to support luxury success both in Center City and on the Main Line. Discerning buyers pay premiums for renovated, or new construction homes.
Additionally, with a return to “normal” the desire for cosmopolitan living supports condo sales in Rittenhouse Square. Often these purchases are a second or third home, a pied-a-terra supporting remote work access to New York and DC.
Philadelphia highlighted in Mansion Global
“Home to some of the U.S.’s oldest universities, Philadelphia offers cosmopolitan amenities with a small town feel“
Philadelphia was noted as a key market where Universities impact the luxury real estate market by Mansion Global. I was honored to be interviewed and quoted.
While they dug deep on my recent luxury condo sale at The Parc Rittenhouse, they chose my highlight of the unique desirability of our Main Line communities to quote:
For those in search of family-oriented living, Philadelphia’s Main Line suburbs offer expansive green space with easy access to downtown via the city’s commuter rail corridor. Among the most exclusive enclaves is Wynnewood, home to some of the top public and private schools and stately colonial estates dating to the early 20th century. A 4,000-square-foot home may go for around $2 million to $3 million, depending on the surrounding acreage.
“Unlike suburban areas that developed in the last 30 years, Philadelphia’s suburbs have historic homes that go back a hundred years,” Ms. Kunkel said. “Each township has its own unique character.”
Global Mansion article by Kate Talerico
Market reports are helpful, but they aren’t the entire story. Contact me for a discrete, confidential consultation about micro-market trends in your area, and options to buy or sell in today’s market.
