Prices and sales are up sharply across the City and makes believers out of us again.
Philadelphia’s housing market had its best quarter in ten years this past spring. Prices and sales are up across the City.
This was the largest quarterly increase in house prices since the 2nd quarter of 2005, when the market was near the top. With this increase, average Philadelphia house prices are up 5.4% from where they were a year ago and up 14.4$ since the bottom in 2012 Q1
Read the full report, Philadelphia Housing Report Q2 2015, produced by Kevin Gillen, Drexel’s Lindy Institute and Meyer’s Research LLC,
House price increases were across all neighborhoods, with every part of the City experiencing positive appreciation. The last time that every neighborhood experienced positive appreciation was two years ago in 2013 Q2.
From smallest house price increase to the largest by neighborhood:
University City +10.9%
West Philadelphia +10.8%
North Philadelphia +10.1%
Lower Northeast Philadelphia +5.8%
Northwest Philadelphia +4.9%
South Philadelphia +4.7%
Upper Northeast Philadelphia +3.9%
Center City / Fairmount +3.3%
Kensington / Frankford +2.5%
The number of house sales also grew significantly this quarter. There were 4,198 transactions up from 3,061 transactions in the previous quarter and also above 3,466 transactions in the same quarter one year ago.
We have high hopes that 2015 will be the best year for Philadelphia housing since the bubble years of last decade.
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