by Kelly Leighton on January 5, 2022
Trendy AND affordable? Philadelphia is one of those cities.
According to Realtor.com®, Philadelphia is the third trendiest and most affordable city in the country, thanks to a plethora of social activities, such as breweries, yoga studios and independent cinemas, as well as affordable homes, making it an opportunity for first-time buyers to participate in.
“There are so many areas of the city that fly under the radar that are seeing great rejuvenation. They may not be the hip places everyone is talking about or some of the areas that are getting a lot of press,” said PAR President-elect Al Perry. “But areas like Southwest Philly and Mayfair offer a lot of affordable housing.”
The median listing price of a home in Philadelphia is $312,450, below the current national median list price of $379,000. However, there are plenty of properties available for more affordable prices, Perry said.
“I am seeing other areas, further out from the ‘hot zone,’ where distressed properties there are purchased and fixed up with private money and then sold, but still under the city’s median price. And buyers aren’t seeking these places out, there isn’t a scramble. However, people are starting to broaden their horizons. We have a lot of neighborhoods with lots of underutilized real estate. Interest rates are so low and homes are priced affordably here,” added Perry.
While he still deemed the market “challenging,” Perry also said that “a lot of people moving into the city don’t have the long-term biases that people who have always lived here do,” making more neighborhoods available to them for purchasing.
“There is real estate sitting right in front of your eyes,” added Perry. “Neighborhoods you haven’t thought about can be a destination neighborhoods for buyers.”