In 2024, Philadelphia’s real estate market saw significant activity in Northwest Philadelphia, with several top-performing firms earning recognition from Real Trends, a company specializing in real estate data analysis.
The Sivel Group, based in Chestnut Hill, excelled in this competitive environment, clinching first place in sales volume for Large Team real estate firms in Philadelphia. They achieved remarkable sales of $161.77 million.
Meanwhile, Team Whetzel, also located in Chestnut Hill, dominated the Small Team category in Pennsylvania, closing $85.2 million in sales.
The classification for Large Team firms consists of companies employing between 11 to 20 agents, whereas Small Teams operate with 2 to 5 agents.
Another standout, Philly Home Girls in Fishtown, earned the top spot in transactions within the Large Team category, further highlighting the competitive spirit among real estate agencies in the city.
As home prices continue to surge, Michael Sivel of The Sivel Group emphasizes the importance of adapting to the evolving needs of clients in a desirable region like Chestnut Hill. “We offer a truly unique and different level of service to our clients, which is why it makes the other batch of our business so strong. Our repeat business is pretty significant,” he stated.
The Sivel Group’s services extend beyond traditional real estate transactions, encompassing estate sales, property staging, new construction development, and rental management through their affiliated company, Woodward House Corp. Sivel and co-team lead Jennifer Rinella advocate for a comprehensive approach, referring to their operations as a “one-stop shop” for clients.
The impending influx of older homeowners selling their properties, termed the “silver tsunami” by the National Association of Realtors, poses a unique challenge. As demographics shift, more multigenerational buyers emerge, alongside parents financially supporting their adult children in their home purchases. Sivel noted that this trend follows a period of individuals hesitating to sell, waiting for mortgage rates to decrease while also navigating the high costs associated with retirement communities.
Rinella comments on the complexities now faced by realtors, stating, “It seems like these people have stayed in their homes five to eight years too long, and so now moving out with the kids out of state is an extra amount of handholding that we’re doing as realtors for these listings.”
Despite the increase in senior-owned homes entering the market, the shortage of available housing remains a pressing issue. Many clients relocating to Chestnut Hill from major metropolitan areas seek larger rental properties from Woodward House Corp., which often consist of spacious single-family homes located near Pastorius Park.
Team Whetzel, led by Kim Whetzel, has also witnessed an uptick in baby boomers downsizing to communities like The Hill at Whitemarsh. This shift occurs alongside heightened demand for homes in Northwest Philadelphia, driven by the influence of prominent local employers such as the University of Pennsylvania and Penn Medicine, in addition to the area’s walkable neighborhoods along Germantown Avenue.
Whetzel predicts a robust fall market, particularly for homes with desirable features such as outdoor spaces, home offices, and proximity to amenities.
“The architectural variety in [Northwest Philly] is another major draw. From classic homes to carefully renovated properties suited for modern living; buyers are embracing the challenge and charm of Philadelphia’s historic housing stock,” Whetzel noted. “With the city’s vibrant culture, shopping, fine dining, and boutique offerings, it’s no surprise that more people are calling Philadelphia home.”
Nevertheless, despite the ongoing uncertainty surrounding interest rates, housing prices continue to escalate, significantly outpacing income levels. According to Zillow, the average home price in Chestnut Hill now stands at approximately $875,662, reflecting an increase of over $200,000 in the past five years.
In comparison, the average home price across Philadelphia is $234,799, while Mt. Airy’s averages range from $300,000 in the eastern zone to $483,447 in the western zone.
Philly Home Girls asserts its position as the largest large team in terms of unit transactions within Philadelphia, with founder Jeanne Whipple’s mission centered on making home-buying accessible across various price points. Since its inception in 2011, the team has handled over a billion dollars in transactions, focusing on key markets including Northwest Philly, Fishtown, and South Philly.
Whipple believes in simplifying the transaction process for clients, stating, “Making a transaction really simple is one of the things that we do. There’s a lot of fear mongering that goes into real estate.”
Moreover, she reassures potential buyers that, “If you’re not a first-time home buyer and you’re in a pretty good price range, getting a lower rate is easier than you think.”
Rinella offers practical advice to prospective buyers, encouraging them to work consistently with a single realtor rather than dividing their efforts among multiple agents.
“It actually is counterproductive because you need one person with your best interest in mind, looking at everything, communicating with you, getting in houses, feeling what you feel when you go in houses. … That would be my advice,” she concludes.
image source from：chestnuthilllocal
