In 2024, several of Philadelphia’s most successful real estate groups focused on the sizzling Northwest Philadelphia market and were rewarded for their hard work, ranking in the top five firms in the city and state, according to Real Trends, a company that analyzes and compiles real estate data.

The Sivel Group, in Chestnut Hill, won first place in sales volume for Large Team real estate firms in Philadelphia, selling and acquiring properties for $161.77 million in total sales. Team Whetzel, also in Chestnut Hill, placed first in volume for Small Team firms in Pennsylvania, facilitating $85.2 million in sales.

Large Team firms include companies with 11 to 20 agents, and Small Teams employ 2 to 5 agents.

Also in the city, Philly Home Girls in Fishtown ranked first in transactions, beating out its competitors in the Large Team category.

As home prices continue to rise and Chestnut Hill remains a desirable location, Michael Sivel says The Sivel Group group works to adapt to customers’ needs. “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.”

Along with listing and buying, the Sivel group also manages estate sales, staging, new construction development, and rental properties through the Chestnut Hill-based Woodward House Corp. Sivel and co-team lead Jennifer Rinella describe the group as a “one-stop shop.”

As an aging population downsizes and leaves, the area faces a “silver tsunami,” the term used by the National Association of Realtors to describe large numbers of older generations selling houses. Changing demographics also contribute to a rise of multigenerational home buying and parental financial support. However it took a few years for the wave to hit, which Sivel attributes to people waiting for mortgage rates to drop and apprehension regarding the high cost of retirement communities.

“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,” Rinella said.

Even with more houses owned by seniors going up for sale, housing stock still falls short of demand. As Sivel clients move to Chestnut Hill from other major cities for higher quality of life, those unable to buy look for rentals from Woodward Housing Corp. which are often large, single-family homes near Pastorius Park.

Team Whetzel, led by Kim Whetzel, also saw baby boomers downsizing and relocating to communities such as The Hill at Whitemarsh, matched by growing demand for Northwest Philadelphia homes driven by the University of Pennsylvania and Penn Medicine, major local employers, and walkability along Germantown Avenue. Whetzel said the team sees a strong fall market with homes selling quickly, especially those with outdoor and office space and walkability.

“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 said. “Add in the city’s vibrant culture, shopping, fine dining, and boutique offerings, and it’s no surprise that more people are calling Philadelphia home.”

Despite uncertainty over interest rates, housing prices are increasing far beyond income. In Chestnut Hill, the current average home price is $875,662, according to Zillow; over a $200,000 increase in the last five years. The average home price in Philadelphia is $234,799, and nearby Mt. Airy averages range from $300,000 in the east to $483,447 in the west.

Philly Home Girls, the largest large team by unit transactions in Philadelphia, aims to make home buying accessible regardless of price point, according to founder Jeanne Whipple. They’ve seen over a billion dollars in transactions since founding in 2011, with the largest markets in Northwest Philly, Fishtown, and South Philly. Whipple often sees movement between Fishtown and the northwest from clients looking for larger city lots.

“Making a transaction really simple is one of the things that we do,” Whipple said. “There’s a lot of fear mongering that goes into real estate, like it’s the biggest financial decision of your life, it’s an emotional roller coaster, and really stressful. It doesn’t have to be any of those things.

“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. …You can buy a million dollar house and still get $10,000 free as a first-time home buyer,” Whipple said. “You just have to ask the right people.”

For prospective buyers, Rinella urges clients to remain loyal to one agent rather than hiring many hoping for more options. “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.”