Photo by Maddy Schier
Classic Towns News
Submitted by canary on Tue, 06/14/2011 - 10:28am.
What's Happening to Housing Prices in Greater Philadelphia?
Good question. According to the recently released 2010 Regional Fourth Quarter Housing Report prepared by Econsult Corporation, there are notable trends and mixed signals throughout the region.
For starters, Philadelphia’s housing sector is still relatively strong compared to the rest of the country. Since the economic downturn began, the average home in the 10 largest U.S. cities has suffered a value loss of 31% while the typical Philadelphia home lost only 16% of its value. Foreclosure activity also remains relatively low in our region. Locally, our 1.5% foreclosure rate pales in comparison to cities like Las Vegas (10.9%), Phoenix (7.3%), Miami (7.1%) and Detroit (4.2%).
More specifically, almost 11,000 homes were sold in the region in the fourth quarter of last year alone. Although there were significant increases in home values in Mercer (+0.5%) and Camden (+1.9%) counties in New Jersey, and Delaware (+7.5) county in Pennsylvania, the majority of homes sold benefited from a price reduction based on increased competition.
To learn more about Home Prices in Greater Philadelphia, we encourage you to read Econsult’s report.