We're back, baby! Philadelphia's home values are now at an all-time high, back to levels not seen since the peak of the housing bubble burst in 2007.
"After 9 years of collapse followed by a sluggish recovery, it’s about damn time," writes Kevin Gillen, Ph.D., chief economist for Meyers Research and senior research fellow at Drexel University's Lindy Institute for Urban Innovation. He just published his latest Philadelphia Housing Report.
Here are some of the major findings from the report, which looked at home sales in the first quarter of 2016.
- The typical Philadelphia home increased in value by 3.9 percent in Q1
- The median sales price of a Philly home "hit an all-time high" in 2016 Q1, rising to $143,000 from $117,500 last year.
- The number of home sales during Q1 increased 28 percent from autumn to winter. That's especially noteworthy, given that Q1 is notoriously a slow season for home sales.
"This implies that all of the losses in house price devaluation due to the bubble and subsequent recession have now been recovered, and the average Philadelphia home has achieved a new all-time high in value," Gillen wrote.
Gillen's report also revealed how housing prices have increased within various neighborhoods. South Philly properties experienced the biggest jump of 7.4 percent.