Is one of your New Year’s resolutions to become a homeowner in 2018—or at least contemplate about it? Then this interactive chart of the current housing prices in more than a dozen Philly neighborhoods should come in handy.
Real estate number-cruncher NeighborhoodX analyzed the current housing stock in 18 Philly neighborhoods and found that overall, there are properties available at every price point. For the neighborhoods and properties covered in this analysis, the price for market-rate properties ranged from $58 to $1,620 per square foot at the start of January.
That’s good news for potential homebuyers, even with talks of folks getting priced out of certain neighborhoods.
“It is a sign of a healthy city that there is a 28x variation in the properties in this analysis,” said Constantine Valhouli, director of research for NeighborhoodX. “On one hand, the upper end of the market suggests the disposable income available and the market for luxury properties. At the other end, the extraordinary affordability is something that underscores that Philadelphia is open to homeownership for a broader range of incomes than many other cities of its size.”
It may come as no surprise, but Rittenhouse Square has the priciest homes for sale at the moment, with the most expensive asking $1,620 per square foot. Society Hill wasn’t far behind, though it has some more properties for sale on the lower end of the spectrum compared to Rittenhouse.
Meanwhile, you’ll want to look west for the most affordable housing prices. Overbrook and Cobbs Creek have affordable housing stocks, and Grays Ferry in Southwest Philly is still a good place to find a bargain.
The study focuses solely on market-rate properties. It did not include foreclosures and short sales, properties in need of significant rehabilitation or positioned as development sites, income-restricted properties, and certain listings with incomplete information.
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