Philadelphia Home Values Are NOT Declining
Location, Location, Location – Buying Real Estate In Center City Protects Your InvestmentPhiladelphia Real Estate Blog – Philadelphia Median Home Prices
Philly.com posted a really cool article today named “Home Price Survey 2011”. The article includes an in an interactive map that shows the median price values of each Philadelphia neighborhood (by zip code) for the years 2005-2011. Click here to play with the map. The data and analysis was provided by a man who needs no introduction, Kevin Gillen, vice president of Econsult. The old real estate adage location, location, location didn’t arise out of thin air and the data below confirms this. Buying real estate always involves concessions and to concede location is clearly a mistake. Buyers who purchased properties in Center City and the Philadelphia real estate market have lost virtually no value, or experienced gains in value, in the worst economic environment since The Great Depression.
Here’s how the Philadelphia neighborhoods have fared:
19102 Center City, Avenue of The Arts – Median Home Price Percent Change 2005-2011 is – INCREASE 37%
19103 Rittenhouse Square, Fitler Square, Logan Square – Median Home Price Percent Change 2005-2011 is -6%
19107 Washington Square, Washington Square West – Median Home Price Percent Change 2005-2011: -1%
19106 Old City, Society Hill – Median Home Price Percent Change 2005-2011: -8%
19130 Art Museum Area – Median Home Price Percent Change 2005 – 2011: NO CHANGE!
19123 Northern Liberties – Median Home Price Percent Change 2005-2011: INCREASE 9%
19147 Queen Village, Bella Vista- Median Home Price Percent Change 2005-2011: INCREASE 9%
19146 Graduate Hospital, Pointe Breeze – Median Home Price Percent Change 2005-2011: INCREASE 43%!!!!!!!
19104 University City, Powelton Village – Median Home Price Percent Change 2005-2011: INCREASE 45%
19145 South Philly – Median Home Price Percent Change 2005-2011: INCREASE 15%
19148 South Philly – Median Home Price Percent Change 2005-2011: INCREASE 10%
19127 Manayunk – Median Home Price Percent Change 2005-2011: INCREASE 3%
So now that we’ve dispelled the myth of declining property values in our local real estate market maybe someone can explain to me how, with interest rates at all time historic lows, this isn’t the best time to be a buyer of Philadelphia real estate – ever?
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