We’re nearing the end of January, but it’s still that time when real estate websites crunch a bunch of numbers and dole out their predictions for the hottest neighborhoods of 2017. And according to the latest report, the Philly neighborhood expected to have a fiery hot year is ... Spruce Hill!
That’s according to the real estate website Redfin, which just came out with its own 2017 predictions.
East Kensington and Point Breeze (which was deemed the hottest neighborhood of 2017 by Zillow) rounded out the top-three list, showing that the hot real estate market isn’t just reserved to one area of Philly.
To come up with the top three neighborhoods, Redfin experts looked at the median days that homes stayed on the market and the average sale-to-list percentage. Here’s how their in-house data fleshed out.
Homes in this leafy West Philly neighborhood, filled with big Victorian homes, sell for the median price of $415,200. And when they do list, they don’t last very long: Homes spend just 29 days on the market and fetch 96 percent of the listing price, on average.
Of Spruce Hill, Redfin real estate agent Jimmy Caraway said,
Spruce Hill is one of the few places in Philly where you can find large Victorian-style homes with lots of character on nice-sized plots of land. [...] In addition to those large beautiful older homes, the neighborhood is near both University of Pennsylvania and Drexel University [...]. I’ve noticed more competition in the neighborhood recently and I think it’s a combination of people wanting to up-size and graduate students and professors who are drawn to the proximity of their university jobs.
This neighborhood is feeling the heat from already popular neighborhoods like Fishtown and Northern Liberties. But here, you can still find homes for sale at a decent price, where the median sale price is $212,000. Listings spend 45 median days on the market, and on average they sell at 95.2 percent the asking price.
No surprise here: Talk to any real estate agent and Point Breeze is where homeowners have their sights set as they get pushed out of Graduate Hospital. Here, homes sell on average for $178,000—many of them are fixer-uppers—and spend 44 days on the market. The average sale-to-list percentage is 93.3 percent. (You can see the most and least priciest homes currently for sale in this neighborhood, here.)
- The hottest neighborhoods of 2017 [Redfin]
- Point Breeze named Philly’s hottest neighborhood of 2017 [Curbed Philly]