As the City of Brother Love continues its expansion plans, it’s no surprise that Philadelphia is quickly gaining ground as a highly sought-after metropolis. The housing market is primed and the labors of the revitalization are rippling positively throughout the neighborhoods. The town’s real estate efforts have allowed Philadelphia to carve out its place as the third-largest downtown population in the country. Along with the recent housing boom, Philly neighborhoods have begun to adopt individual characteristics and emerge as residential hotspots.
Philadelphia has an illustrious background, steeped with a highly noteworthy past. Due to so many historical significances in Philadelphia, many neighborhoods proudly boast popular tourist attractions. Even though production on new housing has been modernized with luxury buildings, Philly streets still hold claim to architectural influence from the past. Many neighborhoods are feeling the resurgence as housing prices continue their way to a steady stabilization, which is a clear sign that the market is rebounding. As confident consumer trends continue, the economic market has been slowly improving to reveal an optimistic outlook for Philadelphia real estate.
Housing Market Forecast: Warmer with Clear Prices in High Numbers
As one of the leading homeownership markets in the country, Philly has consistently boasted low housing prices in the country. Over the last few years, prices have remained stagnant. Throughout the 2013 year, business has improved for realtors and home sale prices. Now that household spending and consumer confidence in the housing market is improving, it is likely that construction and home sales will resume growing as the economy upswings.
In addition, there are a few other positive signs that indicate an improved housing market outlook for the Philadelphia area. The higher housing demand and new construction renovations signal an improvement in the market. Sellers can now charge more for their homes instead of going below market prices, which may create a bidding war between buyers. Listing prices are also holding steady instead of dropping off in pricing. This means that Philadelphian sellers are confident that they can get the price they’re asking for. Most importantly, housing in all prices ranges are selling. From the truly affordable to the decadently luxurious, there is still a market for each neighborhood.
It is understandable that real estate confidence levels can still be uncertain after the housing market crash. But since then, real estate has been in a slow recovery and is continuing its organic improvement to a more resilient market. In 2013, Philadelphia’s housing market has continued to report strong numbers and still shows no signs of slowing down its renaissance.