Ooh-la-la: These numbers never looked so good. Drexel University's Kevin C. Gillen recently released his third quarter report on the region's housing market and all signs point to one thing: Homes are going like hot cakes! Namely, there are three fascinating findings: 1) Price appreciation continued to increase in every single city neighborhood, with South Philly housing prices experiencing the highest average increase of +5.2 percent; 2) There were 4,655 home sales this past quarter—that's the highest volume of sales of any quarter since 2007; and 3) Sales of $1 million-plus homes more than doubled from the previous quarter.
More interesting details in the report:
· The average number of days it takes to sell a home dropped to 61 days, the lowest value since 2007.
· 20 percent of homes listed for sale in Q3 sold in the same quarter.
· The median house price in Philly is $142,000. That's a 7.05 percent increase from last year's Q3.
All this to say, Philly's housing market is doing pretty well for itself post-Great Recession.
· Philadelphia Housing Report: Q3 2015 [Official]
· Philly's Housing Market Roars Onward [Property]
· Find out which Philly Neighborhoods are Gentrifying Rapidly [Curbed Philly]