Rittenhouse & Fitler Square Multifamily Market Update: 2–4 Unit Properties (April 2024–2025)

Having lived and worked in Rittenhouse Square for the past 22 years, I’ve had a front-row seat to the transformation and evolution of this neighborhood—and it never ceases to impress me. Whether it’s the historic brownstones, the high-end condo conversions, or the quiet charm of nearby Fitler Square, this pocket of Center City continues to be one of the most desirable areas in all of Philadelphia.

For those considering investing in a 2–4 unit residential multifamily property in 19103, the opportunity is still there—but it’s a specialized segment of the market. Inventory is limited, buyers are selective, and pricing is nuanced. I’ve pulled the latest data covering the past 12 months to help you get a clearer view of where the market stands.

🟩 Active Listings (6 Properties)

• Average List Price: $1,855,833

• Median List Price: $1,197,500

• Average Days on Market (DOM): 137

• Median DOM: 15

Insight:
Current multifamily listings in 19103 range from just under $1M to $5.25M, which speaks to the diversity in both product and potential. While the average DOM suggests that some listings are sitting, the median DOM of only 15 days tells us that well-priced, well-positioned properties are still being snapped up quickly. There’s strong buyer demand here, especially for turnkey or income-producing opportunities.

🟡 Pending Listings (1 Property)

• List Price: $1,875,000

• DOM: 22

Insight:
Although there’s only one pending property at the moment, it’s a strong signal: this segment of the market is alive and well when the product hits the right notes—location, condition, and pricing.

✅ Sold Listings (3 Properties)

• Average Sale Price: $1,225,000

• Median Sale Price: $1,500,000

• Average DOM: 252

• Median DOM: 313

• Sold-to-List Price Ratio: 91.9%

• Sold-to-Original List Price Ratio: 87.1%

Insight:
These numbers show that buyers are negotiating—but still coming in relatively close to asking when the property is compelling. With a median sale price of $1.5M, this segment continues to support premium values, especially in Rittenhouse and Fitler. That said, longer DOM on these sales indicates some overpricing or mismatched expectations on initial list price.

🧠 My Perspective

This is a thin but active market. With only 10 total transactions in the last year (active, pending, and closed combined), multifamily properties in Rittenhouse and Fitler are rare—and that’s exactly what makes them valuable. These neighborhoods remain highly attractive to both owner-occupants looking to offset their mortgage with rental income and investors who want high-quality, long-term assets in a blue-chip location.

I’ve sold multifamily, condo, and single-family properties throughout this zip code, and I know how to speak to the unique buyer profile this area attracts. Every building tells a different story, and in 19103, the best results come from smart pricing, elevated marketing, and strong relationships with local agents and buyers.

Ready to Talk Strategy?

If you're thinking about selling, let’s talk timing and pricing. And if you're buying, I’d love to help you find the right off-market or upcoming opportunity that fits your goals. Whether it's Rittenhouse charm or Fitler Square peace and quiet, this part of Philadelphia will always be one of the city’s most solid investments.

—
Reid Rosenthal
Rittenhouse Resident & Real Estate Expert
The Rosenthal Group | #1 Berkshire Hathaway Team in Philadelphia