The Philadelphia real estate market has made great strides since the latest recession, and now sits at the forefront of the national real estate market. While not quite as hot as its West Coast counterparts, Philadelphia has seen appreciation rates eclipse the national average, all while managing to maintain a healthy level of demand (no simple feat by any stretch of the imagination). The resulting activity has benefited both homeowners and investors alike, as few cities look to be a better place to buy in. Investors, in particular, have seen increases in both their return on investment (ROI) and the rate in which homes are being flipped. When all is said and done, Philadelphia is becoming a real estate market worth nothing.
Philadelphia Real Estate Market Overview
Median Home Price Philadelphia
Thanks to a 9.1% appreciation rate over the course of a year (August 2017 to August 2018), the Philadelphia real estate market boasts a median home value of approximately $149,000. Comparatively, the national average rests somewhere in the neighborhood of $216,700, and only exhibited a 6.5% appreciation rate over the same period. Perhaps even more importantly, general consensus suggests Philadelphia real estate will continue to appreciate at a faster rate over the next year than the national average, 11.1% and 6.4% respectively. If things keep going the way they are, there’s no reason to think the median home value in Philadelphia couldn’t reach upwards of $165,000 by the third quarter of 2019.
Philadelphia Foreclosure Statistics
RealtyTrac, a nationally trusted real estate information company and online marketplace, has identified upwards of 6,205 properties in at least some stage of the foreclosure process. To clarify, each of the distressed homes are placed in one of three distinct categories: pre-foreclosure, auction and bank-owned.
