Over the past several years, Philadelphia has been experiencing a boom in the real estate market with home sales increasing and neighborhoods growing. Buyers have been driving the population from Center City towards the outskirts and areas most people wouldn’t have considered buying in five years ago, are now thriving with new residents, commercial shops, restaurants, and parks. This push into new sections of the city creates a fierce marketplace that is ever-evolving.
The third quarter of 2017 shows the Philadelphia real estate market has median prices rising and properties are selling quicker than ever, even with limited inventory. Compared to statistics from the same time last year, there has been a shift in some of the areas buyers are looking to purchase.
Below, we detail three neighborhoods that we’ve identified of stand outs in quarter three this year.
Bordering Fishtown to the East and Northern Liberties to the South, there’s no question as to why this neighborhood has seen a spike in median sales price. Once known for crumbling buildings and vacant warehouses, the area has had a boom in development – single family homes and townhouse communities – and vacant lots have been turned into community gardens & green space. For those that cannot afford the prices in the adjacent neighborhoods, this zip code is a good place to turn to find something that works for their budget. Search homes for sale in these neighborhoods.
Including Graduate Hospital, Point Breeze and Grays Ferry, 19146 continues to grow steadily and owners in the area know it. They are putting their homes on the market and they are selling fast! Bordering Rittenhouse, it’s no surprise that people want to live within walking distance to all of Center City’s attractions. This neighborhood is also adjacent to the South Street Bridge and Pennovation Center, providing quick access to major highways, and attracting healthcare professionals who value a quick and easy commute. Additionally, new businesses are flocking to the area – restaurants, fitness centers, and retail shops are turning the area into one of the best places to live within the city limits. Search homes for sale in these neighborhoods.
South of Bella Vista & Queen Village, this neighborhood is bordered by the Delaware River, an area that many developers are looking to expand upon. Large projects such as Liberty on the River are going through the wonderful political hurdles that come with building in Philadelphia, and new smaller construction projects, like Passyunk Point and Southwark on Reed, are propelling the sales market. With quick closes and median prices that are still reasonable, buyers are turning to 19148, attracted to the growing neighborhood. Search homes for sale in these neighborhoods.
Thinking about buying, selling or leasing in Philadelphia? Contact our team!