For Philadelphia Region, Median Home Prices Rose 48% in Last 10 Years
One homeowner In Delaware County was able to make between $150,000 to $250,000 more selling his two properties than he paid for them a year and a half ago, writes Michaelle Bond for The Philadelphia Inquirer.
Properties that wouldn’t move in the past—ones on busy streets, or adjacent to I-95, now sell quickly.
“We’re in unprecedented territory,” said Realtor Brian Stetler with Berkshire Hathaway HomeServices Fox & Roach Realtors in Society Hill.
But even before the pandemic-fueled frenzy affected home prices and demand, owning property in the Philadelphia region has been lucrative, ever since the Great Recession of 2007-2009.
From August 2012 to August 2021, the median sale price in the Philadelphia region jumped about 48% — from $220,000 to $325,000, according to Bright MLS.
“The last decade has really been this very strong housing market,” said Lisa Sturtevant, Bright MLS economist adviser and chief economist at the Virginia Association of Realtors.
A large chunk of millennials moved into prime home-buying years, driving up demand.
Low mortgage rates made homes more affordable and enticing.
The Philadelphia region was also attractive to New York City and Washington homebuyers looking for cheaper property.
Read more at The Philadelphia Inquirer about the rise in Philadelphia area home prices.
This one expert talks how the real estate market continues to cool off nation-wide.
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