Homebuilders have been busy across greater Center City and especially along the Delaware River. Roughly 3,800 homes were completed in greater Center City last year — the highest number in the past five years, according to Center City District’s annual housing report, released March 4. Developers built almost 1,000 more homes in this region in 2024 than in 2023, which held the previous record for housing production in a five-year period. Of the more than 8,000 homes completed in Philadelphia in 2024, 44% were located in the eight zip codes of greater Center City. Roughly a quarter of all the homes completed in Philadelphia last year were built in the 19123 zip code, in and around Northern Liberties. The city’s 10-year property tax abatement for newly built homes has helped spur housing development across Philadelphia, and the cutting of the tax break a few years ago resulted in a surge of developers obtaining construction permits to take advantage of the full incentive while they still could.
Source: Philadelphia Inquirer; 3/4/2025