We’re not saying that we’re picking “winners”, but if we were, Q4 of 2017 goes to areas that border the Schuylkill River.
Market statistics show that these areas have seen a spike in median sales prices and they’re selling faster than their counterparts in other areas of the city. With easy access for commuters, lush greenery, and a growth in businesses – both small and large, these factors have driven buyers to invest in neighborhoods previously overlooked or counted out.
- Real Estate Sale Statistics for JG Real Estate Primary Coverage Areas | *Data collected from Trend MLS, Q4 2017
Below, we detail three neighborhoods that we’ve identified as stand-outs in quarter three this year.
We often hear the question, “So what are the next up and coming neighborhoods in the Philadelphia area?” and most of the time the response will include Brewerytown. Not surprising, 19121, which encompasses Brewerytown, has seen the largest increase in median sales prices as compared with this time last year, with days on market decreasing and closed sales increasing substantially. This area is rich with culture, a fine blend between the families that have been here for years and the newcomers that are planting their roots. Best said by Syreeta Martin of PhillyVoice, “Here, I’ve found a clean place with a fine balance of people from different walks of life who are passionate about the city and live by its motto: “the city of brotherly love” (even if, in my neighbors’ case, it may have it become a little tough love depending on what you’re doing — they’re the ultimately block captains.)”
Primarily composed of the East Falls neighborhood, 19129 is most notable area in Q4 of 2017 for its limited inventory and how quickly the listings fly off the market. Over the last year, properties on market have gone under contract faster than any other zip code. People are drawn to the proximity to the Wissahickon, the city-feel with the suburban vibe, and, where they may be priced out of areas closer to Center City, the affordability of property here makes this the perfect home base.
When you think about Fairmount, you may think that it’s already past the days of affordability and that there isn’t a ton of growth potential as it pertains to real estate. Well, Q4 stats are here to prove you wrong! Median prices have risen since last year, but not to the point of no longer being affordable, which means that property is selling relatively quickly. It also means that vacant lots are turning into luxury townhomes, older houses are being rehabbed to sell, and the rare dilapidated property is being listed so that a buyer can turn it into their dream home. One thing is for sure – 19130 is still a great place to invest.
(We recently dedicated a blog post to the Fairmount neighborhood, read it here.)
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