Philadelphia predates the United States by nearly a century. Founded in 1682, the city quickly became the largest port and commercial hub in British North America, outpacing New York and Boston, thanks largely to William Penn, who laid the groundwork for America’s first real estate market. Penn’s vision for the city was built on commerce, opportunity and thoughtful planning.
In the latest episode of the “REALTOR® News Change Agents” podcast, NAR Chief Marketing and Communications Officer Bennett Richardson travels through Philadelphia with local historian Jim Murphy to explore how Penn transformed 45,000 square miles into one of the fastest-growing commercial centers in colonial America before the Declaration of Independence was signed.
Adapting to Build Something Bigger
Penn originally envisioned a city spanning roughly 10,000 acres but quickly realized he would have to work within a much smaller footprint. Rather than abandon his plans, he adjusted—redistributing land, redesigning neighborhoods and finding new ways to accommodate growth.
“I think that’s something any developer can appreciate today,” Murphy says.
That flexibility helped create a thriving city where markets, tradespeople and entrepreneurs could flourish. Penn established one of the largest public marketplaces in North America, giving artisans and merchants regular opportunities to sell their goods while helping attract residents from across Europe.
As Richardson notes throughout the episode, today’s real estate professionals continue to navigate many of the same questions Penn faced more than 300 years ago: balancing growth, affordability, infrastructure and changing community needs.
Building Communities and Wealth
The tour also traces the evolution of the nation’s early housing and financial systems.
At the First Bank of the United States, Murphy explains how early banking helped finance industries and fuel economic development before expanding into private lending that made homeownership more attainable. Later, in Elfreth’s Alley—America’s oldest continuously occupied residential street—the conversation shifts from financing to the people who called these homes their own.
Shopkeepers, firefighters, police officers and craftspeople lived side by side in what Murphy describes as “melting pot America.” Homeownership wasn’t reserved for the wealthy; it represented stability, opportunity and a lasting investment for working families.
Richardson also points to details that reveal how innovation has long been part of housing, from decorative brick facades designed to distinguish prominent homes, to “busybodies,” which are angled mirrors mounted outside houses that allowed residents to see visitors before opening the door, serving as an early form of home security.
Richardson and Murphy also found that while technology, financing and neighborhoods have evolved dramatically over the past three centuries, many of the principles that shaped Philadelphia remain central to real estate today. Planning, community and helping people put down roots through homeownership have been part of America’s story since long before the nation itself was founded.
