The Lower North and South Philly are experiencing a sales price boom according to the latest quarterly report on Philly's housing market. Prices were flat citywide, but digging a bit deeper, there was impressive growth in the Lower North and South Philly subregions. The Lower North (which includes Francisville, Fairmount, Brewerytown, and the areas west of Temple) saw sales prices rise 25.1% since last quarter, and South Philly sales prices rose 13.3%.
That's great news for home sellers and for development opportunities in these areas. But it's also bad news for renters and new home buyers hoping to live in amenity-rich areas. A new report from Interest.com says local median home prices are now outstripping local incomes. In 2012, the median income was 3% higher than the median home price, but now it's 1% lower.
· City Housing Prices Flat During Third Quarter [Econsult Solutions]
· Local Home Prices Outstripping Household Incomes [Philadelphia Business Journal]
—Jon Geeting
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