Much like the Fall temperatures, the hot seller’s market experienced over the past 18 months in Rittenhouse Square has cooled off a bit, though the luxury market continues to experience high buyer demand. Low inventory in Rittenhouse — especially among townhouses, has resulted in many full-price & multiple offers. Nearby Fitler Square is also experiencing low inventory which, combined with consumer demand is resulting in pricing that is comparable to Rittenhouse Square, which historically holds the highest pricing per square foot of any other Center City neighborhood. Sellers are getting record breaking prices per square foot in these areas when they are “market ready” and priced in accordance with recent comparables.
View our full newsletter including a list of properties sold in the 3rd quarter of 2014 here