Philadelphia is the largest city in the Commonwealth of Pennsylvania and the sixth-most populous city in the United States, with an estimated population of 1,567,872 and more than 6 million in the seventh-largest metropolitan statistical area, as of 2016. Philadelphia is the economic and cultural anchor of the Delaware Valley, located along the lower Delaware and Schuylkill Rivers, within the Northeast megalopolis. The Delaware Valley's population of 7.2 million ranks it as the eighth-largest combined statistical area in the United States.
William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 at the Second Continental Congress, and the Constitution at the Philadelphia Convention of 1787. Several other key events occurred in Philadelphia during the Revolutionary War including the First Continental Congress, the preservation of the Liberty Bell, the Battle of Germantown, and the Siege of Fort Mifflin. Philadelphia was one of the nation's capitals during the revolution, and served as temporary U.S. capital while Washington, D.C., was under construction. In the 19th century, Philadelphia became a major industrial center and a railroad hub. The city grew from an influx of European immigrants, most of whom came from Ireland, Italy and Germany—the three largest reported ancestry groups in the city as of 2015. In the early 20th century, Philadelphia became a prime destination for African Americans during the Great Migration after the Civil War, as well as Puerto Ricans. The city's population doubled from one million to two million people between 1890 and 1950.
The Philadelphia area's many universities and colleges make it a top study destination, as the city has evolved into an educational and economic hub. According to the Bureau of Economic Analysis, the Philadelphia area had a gross domestic product of US$431 billion in 2016, the eighth-largest metropolitan economy in the United States. Philadelphia is the center of economic activity in Pennsylvania and is home to five Fortune 1000 companies. The Philadelphia skyline is expanding, with a market of almost 81,900 commercial properties in 2016, including several nationally prominent skyscrapers. Philadelphia has more outdoor sculptures and murals than any other American city. Fairmount Park, when combined with the adjacent Wissahickon Valley Park in the same watershed, is one of the largest contiguous urban park areas in the United States. The city is known for its arts, culture, and colonial history which attracted 42 million domestic tourists in 2016 who spent $6.8 billion, generating an estimated $11 billion in total economic impact in the city and surrounding four counties of Pennsylvania. Philadelphia has also emerged as a biotechnology hub.
Philadelphia is the birthplace of the United States Marine Corps, and is also the home of many U.S. firsts, including the first library (1731), hospital (1751), medical school (1765), national capital (1774), stock exchange (1790), zoo (1874), and business school (1881). Philadelphia contains 67 National Historic Landmarks and the World Heritage Site of Independence Hall. The city became a member of the Organization of World Heritage Cities in 2015, as the first World Heritage City in the United States.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Philadelphia, Camden, Wilmington, PA-NJ-DE-MD, Pennsylvania. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Philadelphia, Pennsylvania, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Pennsylvania, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|New York-Newark-Jersey City, NY-NJ-PA||$414,000||4.70%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Pennsylvania.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
According to the 2016 United States Census Bureau estimate, there were 1,567,872 people residing in Philadelphia, representing a 2.7% increase from the 2010 census. After the 1950 Census, when a record high of 2,071,605 was recorded, the city's population began a long decline. The population dropped to a low of 1,488,710 residents in 2006 before beginning to rise again. From 2006 to 2016, Philadelphia added 79,162 residents. In 2015, the Census Bureau estimated that the racial composition of the city was 41.5% Black (non-Hispanic), 35.8% White (non-Hispanic), 13.4% Hispanic or Latino, 6.8% Asian, 0.2% Native Americans, 0.03% Pacific Islanders, and 2.0% multiracial.
The 2010 Census redistricting data indicated that the racial makeup of the city was 644,287 (42.2%) Black (non-Hispanic), 562,585 (36.9%) White (non-Hispanic), 96,405 (6.3%) Asian (2.0% Chinese, 1.2% Indian, 0.9% Vietnamese, 0.4% Korean, 0.3% Filipino, 0.1% Japanese, and 1.4% other), 6,996 (0.5%) Native Americans, 744 (0.05%) Pacific Islanders, and 43,070 (2.8%) from two or more races. Hispanic or Latino of any race were 187,611 persons (12.3%); 8.0% of Philadelphia is Puerto Rican, 1.0% Mexican, 0.3% Cuban, and 3.0% other. The racial breakdown of Philadelphia's Hispanic/Latino population was 63,636 (33.9%) White, 17,552 (9.4%) Black, 3,498 (1.9%) Native American, 884 (0.47%) Asian, 287 (0.15%) Pacific Islander, 86,626 (46.2%) from other races, and 15,128 (8.1%) from two or more races. The five largest European ancestries reported in the 2010 Census included Irish (13.0%), Italian (8.3%), German (8.2%), Polish (3.9%), and English (3.1%).
The average population density was 11,457 people per square mile (4,405.4/km²). The Census Bureau reported that 1,468,623 people (96.2% of the population) lived in households, 38,007 (2.5%) lived in non-institutionalized group quarters, and 19,376 (1.3%) were institutionalized. In 2013, the city reported having 668,247 total housing units, down slightly from 670,171 housing units in 2010. As of 2013, 87 percent of housing units were occupied, while 13 percent were vacant, a slight change from 2010 where 89.5 percent of units were occupied, or 599,736 and 10.5 percent were vacant, or 70,435. Of the city's residents, 32 percent reported having no vehicles available while 23 percent had two or more vehicles available, as of 2013.
In 2010, 24.9 percent of households reported having children under the age of 18 living with them, 28.3 percent were married couples living together and 22.5 percent had a female householder with no husband present, 6.0 percent had a male householder with no wife present, and 43.2 percent were non-families. The city reported 34.1 percent of all households were made up of individuals while 10.5 percent had someone living alone who was 65 years of age or older. The average household size was 2.45 and the average family size was 3.20. In 2013, the percentage of women who gave birth in the previous 12 months who were unmarried was 56 percent. Of Philadelphia's adults, 31 percent were married or lived as a couple, 55 percent were not married, 11 percent were divorced or separated, and 3 percent were widowed.
According to the Census Bureau, the median household income in 2013 was $36,836, down 7.9 percent from 2008 when the median household income was $40,008 (in 2013 dollars). For comparison, the median household income among metropolitan areas was $60,482, down 8.2 percent in the same period, and the national median household income was $55,250, down 7.0 percent from 2008. The city's wealth disparity is evident when neighborhoods are compared. Residents in Society Hill had a median household income of $93,720 while residents in one of North Philadelphia's districts reported the lowest median household income, $14,185.
During the last decade, Philadelphia experienced a large shift in its age profile. In 2000, the city's population pyramid had a largely stationary shape. In 2013, the city took on an expansive pyramid shape, with an increase in the three millennial age groups, 20 to 24, 25 to 29, and 30 to 34. The city's 25- to 29-year-old age group was the city's largest age cohort. According to the 2010 Census, 343,837 (22.5%) were under the age of 18; 203,697 (13.3%) from 18 to 24; 434,385 (28.5%) from 25 to 44; 358,778 (23.5%) from 45 to 64; and 185,309 (12.1%) who were 65 years of age or older. The median age was 33.5 years. For every 100 females there were 89.4 males. For every 100 females age 18 and over, there were 85.7 males. The city had 22,018 births in 2013, down from a peak 23,689 births in 2008. Philadelphia's death rate was at its lowest in at least a half-century, 13,691 deaths in 2013. Another factor attributing to the population increase is Philadelphia's immigration rate. In 2013, 12.7 percent of residents were foreign-born, just shy of the national average, 13.1 percent.
Irish, Italian, German, Polish, English, Russian, Ukrainian and French are the largest ethnic European groups in the city. Philadelphia has the second-largest Irish and Italian populations in the United States, after New York City. South Philadelphia remains one of the largest Italian neighborhoods in the country and is home to the Italian Market. The Pennsport neighborhood and Gray's Ferry section of South Philadelphia, home to many Mummer clubs, are well known as Irish neighborhoods. The Kensington, Port Richmond, and Fishtown neighborhoods have historically been heavily Irish and Polish. Port Richmond is well known in particular as the center of the Polish immigrant and Polish-American community in Philadelphia, and it remains a common destination for Polish immigrants. Northeast Philadelphia, although known for its Irish and Irish-American population, is also home to a large Jewish and Russian population. Mount Airy in Northwest Philadelphia also contains a large Jewish community, while nearby Chestnut Hill is historically known as an Anglo-Saxon Protestant community.
Philadelphia is also home to a significant gay and lesbian population. Philadelphia's Gayborhood, which is located near Washington Square, is home to a large concentration of gay and lesbian friendly businesses, restaurants, and bars.
The Black American population in Philadelphia is the third-largest in the country, after New York City and Chicago. Historically, West Philadelphia and North Philadelphia were largely black neighborhoods, but many are leaving those areas in favor of the Northeast and Southwest sections of Philadelphia. There is a higher proportion of Muslims in the Black American population than most cities in America. West Philadelphia also has significant Caribbean and African immigrant populations.
The Puerto Rican population in Philadelphia is the second-largest after New York City, and the second fastest-growing after Orlando. There are large Puerto Rican and Dominican populations in North Philadelphia and the Northeast, as well as a significant Mexican population in South Philadelphia.
Philadelphia's Asian American population originated mainly from China, India, Vietnam, South Korea and the Philippines. Chinatown and the Northeast have the largest Asian populations, with a large Korean community in the North Philadelphia neighborhood of Olney. South Philadelphia is also home to large Cambodian, Vietnamese, and Chinese communities. Philadelphia has the fifth largest Muslim population among American cities.
Philadelphia is the center of economic activity in Pennsylvania with the headquarters of five Fortune 1000 companies located within city limits. According to the Bureau of Economic Analysis, the Philadelphia area had a total gross domestic product of $431 billion in 2016, the eighth-largest metropolitan economy in the United States. Philadelphia was rated by the GaWC as a 'Beta' city in its 2016 ranking of world cities.
Philadelphia's economic sectors include financial services, health care, biotechnology, information technology, manufacturing, oil refining, food processing, and tourism. Financial activities account for the largest economic sector of the metropolitan area, which is also one of the largest health education and research centers in the United States.
The city is home to the Philadelphia Stock Exchange and some of the area's largest companies including cable television and internet provider Comcast, insurance companies Cigna, Colonial Penn, and Independence Blue Cross, energy company Sunoco, food services company Aramark, packaging company Crown Holdings, chemical makers FMC and Rohm and Haas, pharmaceutical company GlaxoSmithKline, Boeing Rotorcraft Systems, apparel retailer Urban Outfitters, and automotive parts retailer Pep Boys.
Philadelphia's annualized unemployment rate was 7.8% in 2014, down from 10% the previous year. This is higher than the national average of 6.2%. Similarly, the rate of new jobs added to the city's economy lagged behind the national job growth. In 2014, about 8,800 jobs were added to the city's economy. Sectors with the largest number of jobs added were in education and health care, leisure and hospitality, and professional and business services. Declines were seen in the city's manufacturing and government sectors.
About 31.9% of the city's population was not in the labor force in 2015, the second highest percentage after Detroit. The city's two largest employers are the federal and city governments. Philadelphia's largest private employer is the University of Pennsylvania followed by the Children's Hospital of Philadelphia. A study commissioned by the city's government in 2011 projected 40,000 jobs would be added to the city within 25 years, raising the number of jobs from 675,000 in 2010 to an estimated 715,000 by 2035.
Philadelphia's history attracts many tourists, with the Independence National Historical Park (which includes the Liberty Bell, Independence Hall, and other historic sites) receiving over 5 million visitors in 2016. The city welcomed 42 million domestic tourists in 2016 who spent $6.8 billion—mostly on lodging and food—generating an estimated $11 billion in total economic impact in the city and surrounding four counties of Pennsylvania.