The real estate recovery has been great for cities all across the country, but it hasn’t necessarily been even. While every locality has seen some improvement over the last five years, certain cities have been blessed by a market that not only looks better than it has in years, but that is setting all-time records for home values and offerings. Philly is one of those lucky cities, so let’s take a minute to look at the reasons why.
Three Years of Increased Home Sales
The market’s behavior is easy to see: Philadelphia has enjoyed three years of booming home sales, starting in 2014. At the same time, land values have been consistently improving, so the homes that are being sold are increasing in value, too. While the sales were spread across the whole city, a few key neighborhoods rose to the top, and they should be familiar to anyone looking at the local real estate scene. Here are top neighborhoods for home buyers from the last couple of years.
- Point Breeze
- Grays Ferry
- Queen’s Village
- Bella Vista
What is Making Philadelphia so Attractive to Homeowners?
There are a few factors that come into play when you look at the local real estate scene. First and foremost, while home values have been rising, it has been a steady and slow rise that mirrors the rest of the economy’s growth. At the same time, the city’s overall economic and employment recovery has been much, much faster than average for the nation. The result? A new destination city is born.
Since Philadelphia has seen a steady economic recovery and employment prospects in key industries are great, more and more people are flocking to Philly. That is making the demand for housing spike, and since the area is still relatively affordable compared to many cities that have recently undergone urban renewal, the demand has grown even more.
What Can I Expect From the Real Estate Market?
Things are moving fast in Philadelphia. The consensus is that the property market was so undervalued for so long that it has plenty of room to move, and demand is so high that houses are selling quickly. In fact, it has become fairly commonplace for homes in certain neighborhoods to go for more than the asking price just hours after being put on the market.
With that in mind, now is a great time to buy in Philadelphia, even if it is competitive, because the spirit of renewal is on the city and real investments in its infrastructure mirror the rising demand for houses.