Today, more on Kevin Gillen’s 3rd Quarter Philly Housing Report. Please click here to view Dr. Gillen’s detailed Philadelphia House Price Indices Slide Show.
I believe some of the key takeaway’s are:
- The city is hot. Since the housing market recovery began (2011-2012), Philadelphia home (not condo) prices have well outpaced the rest of the region and the country. It is not even close.
- Philly has consistently out-paced the region and nation throughout the past 10 years as well.
- Cities in general are hot. Since the recovery began, Philly and other major cities are running neck-in-neck. Philly was behind, but made up ground the past couple of years.
- Every neighborhood in the city appreciated last year. A great year for home prices.
- The number of home sales are up significantly since the Great Recession. But down significantly since the mid-aughts. Inventory has been so low. Is that starting to change? We shall see.
Dr. Gillen and the Lindy Institute for Urban Innovation at Drexel University have done and amazing job with this research and reporting. All empirical evidence that anyone has on the residential Philly housing market is thanks to Kevin Gillen and Lindy. It is much appreciated. All of these “takeaways” and my comments are my interpretations of Dr. Gillen’s superb research.
I hope you enjoy this information and the City Block Local.
Who do you know that is considering buying or selling real estate? I would be honored if you recommended me to be their trusted advisor. I pledge to provide them with the absolute highest level of service.