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Old Posted Sep 16, 2019, 1:55 PM
Boku Boku is offline
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Philly’s housing market is still booming, even as recession fears grow

Since the local housing recovery began in 2012, after almost five years of decline that started just before the Great Recession, the Philadelphia housing market has experienced a rise that is extraordinary for this historically gritty, underdog city. In the last seven years, Philadelphia home prices have risen nearly 46%, data from local economist Kevin Gillen show. Neighborhoods grappling with disinvestment have seen housing and retail sprout. Population has grown, income has jumped, and nearly 6,000 vacant units have vanished. “The city feels like it’s getting a face-lift,” said Mark Zandi, chief economist of Moody’s Analytics.

Crossing county lines, the Philadelphia suburbs have experienced growth, too — though not at nearly the same rate as the city. Housing prices in the suburbs have grown almost 21% in the last seven years, according to Gillen, though, recently, they have been rising faster than Philadelphia’s. Homes in the region now sit on the market for fewer than 60 days on average. And in the second quarter of 2019, 252 million-dollar homes were purchased in the suburbs — an all-time high.

Experts say this unprecedented growth has cemented housing as a crucial part of the local economy, adding jobs, investment, steady work, and more.
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