Philadelphia is a city in transition. Once a manufacturing powerhouse, the city has reinvented itself as a center of education and service industries. This resurgence has been good for the housing market, which is now seeing strong growth after years of stagnation. If you’re thinking of selling or we buy houses Philadelphia, it’s important to understand the current market conditions. In this blog post, we will provide a comprehensive guide to the Philadelphia housing market!
Guide to the housing market in Philadelphia
The Philadelphia housing market is currently experiencing strong growth. Home prices in the city have been rising steadily for the past few years, and they are now at their highest level since the Great Recession. The median home price in Philadelphia is $137,000, which is up nearly 12% from last year. The number of homes sold has also increased, with a total of 12,000 homes sold in the first quarter of this year.
The strong housing market is being driven by population growth and economic expansion in Philadelphia. The city’s population has been growing steadily for the past few years due to an influx of young professionals and families. The job market in Philadelphia is also doing very well, with the city adding nearly 40,000 jobs in 2018. The combination of population growth and economic expansion is fueling the demand for housing in Philadelphia. The city has good infrastructure and is very livable, which is also making it attractive to people looking to relocate.
The housing market in Philadelphia is very competitive. There are more buyers than there are homes for sale, which is driving up prices. The average home spends just 50 days on the market before being sold, which is much faster than the national average of 90 days. If you’re thinking of buying a home in Philadelphia, it’s important to be prepared to move quickly when you find a property you like.
Philadelphia is a large city and has a variety of different neighborhoods. The most expensive neighborhood in the city is Center City, where the median home price is $750,000. This is followed by University City ($425,000), Society Hill ($400,000), and Rittenhouse Square ($350,000). If you’re looking for a more affordable option, there are several neighborhoods with median home prices below $200,000. These include Fishtown ($190,000), Kensington ($180,000), and Port Richmond ($170,000).
The Philadelphia housing market is a great option for buyers and sellers. The strong economy and population growth are driving up prices, but there are still plenty of affordable neighborhoods to choose from.
Conclusion
Philadelphia is a great place to live, and the housing market is just one of the many reasons why. The city has a lot to offer, from its rich history and culture to its strong economy and vibrant community. If you’re thinking of buying or selling a home in Philadelphia, we hope this guide has been helpful!
