Metro area index
Home appreciation in the Philadelphia, PA metropolitan division
FHFA HPI® data shows the Philadelphia, PA metropolitan division's all-transactions index changed +4.3% over the year to Q2 2026, versus +4.7% for Pennsylvania and +3.0% for the U.S. That ranks 145th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +4.3%
- 5-year change
- +33.5%
- Since Q1 1995
- +322%
- Metro rank (1 year)
- 145th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Philadelphia, PA vs Pennsylvania and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Philadelphia, PA: 421.7
- Pennsylvania: 355.6
- United States: 391.6
Appreciation by time window
| Window | Metro | PA | U.S. | Gap vs PA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.3% | +4.7% | +3.0% | −0.4 pts | +1.3 pts |
| 3 years | +15.8% | +18.1% | +12.9% | −2.2 pts | +3.0 pts |
| 5 years | +33.5% | +44.2% | +41.3% | −10.7 pts | −7.8 pts |
| 10 years | +82.3% | +86.9% | +93.3% | −4.6 pts | −11.0 pts |
| Since Q1 1995 | +322% | +256% | +292% | +66.1 pts | +30.1 pts |
3-digit ZIP regions in the Philadelphia, PA area
Regions with at least 10% of their 2010 population inside the metro division, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 191 · Philadelphia, PA area | PA | +4.4% | +26.3% | +380% | 100% |
| 190 · Chester, PA area | PA | +3.7% | +45.6% | +276% | 47% |
Boom, bust, and recovery in Philadelphia, PA area
Philadelphia, PA area's index peaked in Q1 2008, fell 10.3% to its low in Q2 2012, and regained its peak in Q3 2016, about 8.5 years after the top. Today it sits +80.3% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q1 2008 | Q2 2012 | -10.3% | Q3 2016 (8.5 yrs) | +80.3% |
| PA | Q1 2008 | Q2 2012 | -9.4% | Q2 2017 (9.2 yrs) | +83.0% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Philadelphia, PA area's index has changed +90.5% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | PA after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +0.4% | +0.8% | -0.8% |
| 3 years | +9.8% | +5.5% | +7.5% | +2.8% |
| 5 years | +24.0% | +7.6% | +16.3% | +13.9% |
| 10 years | +39.1% | +31.1% | +34.4% | +39.0% |
| Since Q1 1995 | +121% | +90.5% | +60.6% | +76.8% |
If you bought in the Philadelphia, PA area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +314% | $1,241,940 |
| Q2 2000 | +268% | $1,104,453 |
| Q2 2005 | +109% | $626,288 |
| Q2 2010 | +92.4% | $577,275 |
| Q2 2015 | +88.7% | $566,216 |
| Q2 2020 | +48.2% | $444,716 |
| Q2 2021 | +33.5% | $400,494 |
| Q2 2023 | +15.8% | $347,538 |
| Q2 2025 | +4.3% | $312,842 |
Frequently asked questions
- How much have home prices risen in the Philadelphia, PA area?
- FHFA HPI® data for the Philadelphia, PA metropolitan division shows changes of +4.3% over one year, +33.5% over five years, and +82.3% over ten years to Q2 2026, and +322% since Q1 1995.
- Is the Philadelphia, PA area beating the national average?
- Over the past year the metro's index moved +1.3 pts versus the U.S.; over five years the gap is −7.8 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan division. The index covers the whole area, so individual neighborhoods and homes can differ from it.