Industry buzz is that the spring selling season is off to a slow start in Philadelphia. Yet local news reports say that agents nonetheless are optimistic about how the season will turn out.
So are we. If you are thinking of selling your Greater Center City home, now is a good time to act.
While a recent Zillow report ranks Philadelphia as one of the top 10 buyer’s markets in the country, many city neighborhoods are performing far stronger for sellers. According to Philly Living’s latest Market Action Report, median sale prices in Northern Liberties in February, for instance, rose 78 percent from the same month last year, and average days on market fell 44 percent. Other local markets, including Queen Village, Bella Vista, Hawthorne and Passyunk Square, are also performing strongly.
Center City District data show that the Greater Center City area – the territory between the rivers from Girard Avenue on the north to Tasker Street on the south – continues to experience a surge in population and that housing production has boomed since 2012. While many of these new arrivals are Millennials starting out in their careers, many are looking for homes to buy as well, stimulating construction surges in neighborhoods like Northern Liberties, Graduate Hospital and Point Breeze.
What does this mean for the home owner looking to sell? It means opportunity. With the help of an experienced Realtor (we happen to know one), a Center City homeowner can expect a positive outcome: a better sale price and a quicker sale.