Philadelphia Real Estate Market Outperforming National Market
Philadelphia Real Estate Market Outperforming National Market
Prudential’s Chairman and CEO Larry Flick recently wrote a letter to the editor of the Philadelphia Inquirer in response to Cynthia Burton’s article, “A Window into the Housing Crisis”. The crux of the article was that in reality, our regional outlook remains positive and the Philadelphia real estate market continues to outperform the national market on a number of key indicatorsincluding employment, foreclosure rates and home values.
Here’s the reader’s digest summary of the remainder of the letter:
- The Philadelphia real estate market is strong because our local economy has a significant concentration in “eds, meds, and pharma”.
- Philadelphia has experienced positive job growth since July 2009 and the tri-state area has outpaced the national average
- The median sales price of a home in the 12 County Philadelphia region was $155,000 in 2002. Currently it is $225,000.
- Less than 1/2 of 1% of all households in our region are in foreclosure.
- Larry believes that homes still are American’s most stable long term investment.
To search Philadelphia Real Estate listings for condos, homes and apartments click here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
