Market indicators foretell a buyer’s market continuing into 2013. Sales of homes in Philadelphia are growing slowly while inventory and price per square foot continue to remain steady, neither rising nor falling as the market slowly recovers from the housing market crash of last decade. This means that now is a great time to buy a house in Philadelphia.
This buyer’s market is causing a renaissance in various Philadelphia neighborhoods, and the resurgence of investment is reviving Philly neighborhoods that some would not expect. To take a closer look at what neighborhoods in Philadelphia are experiencing this market rebirth the most, we have compiled a list of the top ten hottest Philly neighborhoods.
Top 10 Hottest Philly Neighborhoods
Some of these up-and-coming Philadelphia neighborhoods may surprise you, but our research shows that each neighborhood on our list is experiencing interesting growth. While every Philly neighborhood has its own character, it shifts with changes in the housing market. Read on to find out the recent developments in Philadelphia’s top 10 hottest neighborhoods:
Lower North Philly – Lower North Philly is in the early stages of rebirth as this young neighborhood draws twentysomethings thanks to Temple University. This economic boost has provided for some commercial investment and a steady staple of restaurants and bars. As graduates stick around and invest in the neighborhood, Lower North Philly is likely to see continued growth.
Manayunk – The recent addition of cheaper residential lofts has given a jolt of life to this historic neighborhood that prides itself on its more than 100 historic buildings. The influx has given support to a thriving restaurant and wine bar scene that often takes advantage of the lovely scenery on the banks of the Schuylkill River. Manayunk is showing how historic Philadelphia can court modern buyers.
Graduate Hospital – Graduate Hospital is known for its low crime rates and excellent proximity to school resources, making it a huge draw for twenty- and thirtysomething single professionals, young married couples, and parent-child families. With walkability to many of Philadelphia’s best features and steady, even rising property values, Graduate Hospital will continue to be a Philadelphia neighborhood that draws long-term investment.
Fishtown – Hipsters have led the way in the Fishtown renaissance, driving the area toward a surprising influx of youthful energy and entrepreneurial spirit. The low prices attracted the younger twentysomething demographic in and a variety of businesses have arrived to meet their eclectic needs, including a Barcade and a dessert boutique. Odds are that Fishtown is primed for massive growth thanks to the low entry prices and influx of local economy-driven business.
Fairmount – The classic Philadelphia brick homes and tree-lined streets of Fairmount are drawing a younger crowd in 2013. The up-and-coming professional class is driving up property values and revitalizing this Philly neighborhood, catalyzing a boom in restaurants thriving in Fairmount.
In our next post, we will have a look at Philly’s top five hottest neighborhoods. Don’t miss out on these growing Philadelphia neighborhoods or the investment potential that they represent.