An analysis of real estate trends in the Philadelphia region
An analysis of more than 376,000 sales in the Philadelphia region yields key insights into how the real estate market in those eight counties behaved as the housing boom picked up momentum in April 2005, peaked in 2007, and slowed down through June of this year:
South Jersey’s median home prices have taken one hard punch after another from the bruising economy, with few communities in Burlington, Camden, and Gloucester Counties holding on to their gains in value. Some locales in the farther reaches of the Pennsylvania suburbs fared worse than those closer to the city. And Philadelphia, especially condo-filled Center City, did best of all.
Chat live at noon with Kevin Gillen, vice president of Econsult Corp., who compiled and analyzed the sales data.
Click here to explore how your town and others around the Philadelphia area fared over the past 6 years
Eager buyers in search of brand-new houses in wide-open spaces fed the real estate boom in the four suburban Pennsylvania counties surrounding Philadelphia. Prospective homeowners camped for days at builders’ sales offices on the edge of Chester County farmland, hoping they’d be the first to snag premium lots.
But that was a lifetime ago.