The real estate market in Philadelphia has recovered
5/26/2016 | Real Estate Blog
Real estate investors in Philadelphia may use the real estate search engine Zillow to look for properties and get a sense of average home values in certain areas. Recently, rising home values in Philadelphia have caused Zillow to reclassify the city’s real estate market as ‘very hot.” The average home price in Philadelphia is now at a record high.
A chief economist for Meyers Research said that recent home values in Philadelphia are so strong that all losses from the recession have been recovered. During the first quarter of 2016, home values in Philadelphia were higher than they were when they peaked in 2007. After the real estate bubble burst, home prices in Philadelphia fell 22 percent in the city and 25 percent in the suburbs.
According to data gathered by the city recorder of deeds, the median selling price for a single-family home in Philadelphia is $143,000. Last year, the median selling price for the same type of property was $117,500. The figures represent a 21.7 percent increase in single-family home values over the last year. Real estate sales volume in Philadelphia has also been strong. In the beginning of 2016, Philadelphia experienced its highest first-quarter real estate sales volume since 2008.
Real estate investors who purchased properties in Philadelphia during the recession may be thinking about cashing in on their investments now. Before making the decision to sell, an investor may want to talk to a real estate law attorney about trends in the real estate market and, if the decision is made to go forward, for assistance with the required paperwork.