The Philadelphia real estate market is finally on the upswing, and many Philly neighborhoods have recently gone through huge transformations, bringing new housing, new restaurants, new shops, and new residents to the city. This month, Philadelphia magazine compiled its “Hot List 2013,” a listing of the 15 hottest neighborhoods in and around Philly. Here are just a few of the up-and-coming Philly neighborhoods that made the top ten.
#1: Graduate Hospital
With its high walkability and proximity to the city’s attractions, Graduate Hospital has quickly become one of Philly’s hottest neighborhoods. It is home to a high number of artists, and has a significantly lower crime rate than the average Philly neighborhood. Property values in Graduate Hospital have increased rapidly over the last year, attracting many investors and first-time homebuyers, including young professionals, young marrieds, and new parents. Between 2011 and 2012, the number of properties sold in Graduate Hospital increased by 23 percent.
Over the last few years, Fishtown has been seeing growth from all different demographics. Residents love that it has a city feel without the high city prices. Property values in Fishtown are rising steadily as it is becoming one of the coolest neighborhoods in Philly. From 1999 to 2011, the median household income in Fishtown increased by 37.1 percent.
#7: Avenue of the Arts
Avenue of the Arts has recently seen a surge of high-end apartments, condos, and townhouses. Property values have risen to Main Line levels as it has become the Philly neighborhood of choice for edgy young professionals with cash to burn. The completion of the Kimmel Center in 2001 transformed the Avenue of the Arts into the city’s cultural center. Between 2011 and 2012, the number of properties sold in the Avenue of the Arts area rose by 21.3 percent.
In the past four years, Fairmount has become Philly’s suburban town in the heart of the city. Its lush trees and wide open spaces give it a small town neighborhood feel, while still being close to busy city life. Home prices in Fairmount have risen significantly over the past decade, as the area has welcomed a younger demographic, including first-time homebuyers seeking a wider variety of housing options. From 2011 to 2012, the number of properties sold in Fairmount has increased by 24.1 percent.