Philadelphia is the fifth largest populated city in America. It accounts for over 800,000 parcels of real estate throughout the city. With so many houses, there is plenty of distressed real estate in the city. Philadelphia is also home to many vacant lots. So as you can imagine the city is perfect for investors. As neighborhoods continuously change and rise in home prices. You will start to find much room for developers and rehabbers to make money on properties. Because of this significant increase, what has happened is developers are moving in from different states and areas. Philadelphia is considered one of the hottest markets for real estate as of right now. With plenty of people looking to “sell my house fast Philadelphia,” it will continue to drive up the prices. Each section of the city has seen its increase in development and progress.
North Philadelphia
North Philadelphia is home to many different neighborhoods of the city. Such as Brewerytown and Strawberry Mansion. These two neighborhoods have seen the most significant increase or spike in property value. Anything south of cease will be more Avenue, and west of 25th Street has seen a severe increase in development. Developers have made home to this area building massive high-rises up and down the small streets. Houses here have seen a closer with a thousand percent increase in value. With homes being found to only sit on the market for less than 30 days. You can imagine that this is being considered a scorching area. Strawberry Mansion covers the north of Cecil b Moore Avenue up to Lehigh Avenue. Has seen a severe increase in homes purchased in this area. The main reason is that investors find it home to good rental properties. When We buy houses Philadelphia, we want to make sure we are buying in the right area because there are plenty of areas you can mistake for being good that might not be. If you are not familiar with North Philadelphia, be very cautious about where you decide to purchase. If you go north of the boulevard, there are neighborhoods such as Olney and east and west oak Lane. These areas have seen a severe increase in property value as well. Five or more years ago, properties would sell for less than 100,000. You are now looking at values upwards of 200,000 plus.
West Philadelphia
West Philadelphia has seen some severe increases more than other sections of the city. Including University City, which has become more of a student section of the town with plenty of development. This development has reached as far back as 52nd to 63rd Street. The Cobbs Creek section of Philadelphia is on a constant increase in value. Were these large homes are being remodeled and sold for higher values. Going north of Market Street has been a little bit less desirable. But investors have found ways to make money off these areas. Southwest Philadelphia has seen plenty of increases well. Such as neighborhoods like King sessing in Elmwood Park. The reason being is people is getting close to $1,500 a month for rent for a three-bedroom house and, at the same time, paying under $150,000 for the property. A little section talked between southwest and west Philadelphia called Squirrel Hill. New construction has been built in every street, with certain houses reaching close to a million dollars in value. There’s almost no part of West Philadelphia that this hot real estate market has not touched.
South Philadelphia
South Philadelphia has seen severe increases in sections such as East Passyunk point breeze and graduate hospital. These sections are now home to plenty of new construction buildings. Especially in the point breeze section of Philadelphia, where there used to be vacant lots on every street are now filled with large three-story new construction homes. Suppose you look closer to the Delaware River in the South Philadelphia neighborhood, like dick and narrows Whitman and Queen village. Queen village is home to houses that are soaring above 1.1 million dollars.
Lower Northeast
Though the lower Northeast is considered North Philadelphia, the neighborhood’s here have done a complete 180. Such as Fishtown, Port Richmond, and even Kensington. Fishtown has seen more development than any other part of North Philadelphia. Home values are sold close to 1 million—Kensington and Port Richmond or split between Aramingo Avenue. On the west side of Aramingo is Kensington. On the east side of Aramingo is Port Richmond. Kensington has seen a considerable facelift as investors move into the area and rent out homes for close to $1,000 a month. As Port Richmond scene home values to 300,000 Plus. Mind you; these are enormous increases for both of these areas. However, Kensington deals with a drug problem. So developers have decided to build here anyway. Lehigh Avenue has just recently undergone a big project building over 100 properties. The developer agreed that this would be an excellent location for brand new homes since it is just a quick drive north of the Fishtown in the Northern Liberties section of Philadelphia.
No matter where you live
You have most likely seen home value increase wherever you live in Philadelphia. When We buy houses in Philadelphia, we want to make sure that we believe in the right area. If you’re researching Philadelphia, you will find out that no place has not increased in value over the past ten years. Therefore, you are making for just about any area to be a good area. Whether you are looking for fixes and flips or just renting out a property, this city will be an ideal home for investors alike. With plenty of cash buyers in the city, it is easier for homeowners to sell their homes. There used to be a day in the town when properties would sit on the market longer than 90 days. As long as the property is priced right, it should have no problem selling. Knowing the exact number to sell your home at is truly important. It can save you time and money choosing the right price.