On the heels of a Pew report which showed that homeownership is declining overall in Philadelphia, Econsult has released a report showing that home prices rose in the last quarter more than 5 percent, and are up 3 percent over last year. The number of sales has been steady in the 2nd quarter for the past few years, the report says.
The median sale price in the city was $125,000, according to the report. Sale prices vary widely depending on what area of the city the house is in. In North Philly, the typical home sold for less than $25,000; in Center City, it sold for nearly $300,000.
Citywide, more than a third of 2,825 transactions last quarter settled for between $50,000 and $150,000. There were 23 home sales worth more than $1 million.
Read the full report here.
Jared Brey writes about development, zoning policy, and city government for PlanPhilly.com. He wasn't interested in being a reporter until halfway through a master's program in journalism at Temple University that he intended to parlay into an academic career. His work has appeared in the Philadelphia Inquirer, Daily News, City Paper, Business Journal, and Metropolis.