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 Philadelphia is a notoriously diverse city, with many neighborhoods with individual identities and characteristics, each of them offering an attractive variety of Philadelphia homes for sale. When considering demographic and homes for sale in Philadelphia, it is important to examine all data at the neighborhood level. In recent years, some Philadelphia homes neighborhoods have experienced substantial growth and success, while others show a slight to moderate decline.
On general terms, since 2000, the average Philadelphia homes for sale has appreciated by 30% (adjusted for inflation). The population of Center City grew by 14% between 1990 and 2000, fueling a boom in the Philadelphia homes for sale market.
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In 2007, regarding Philadelphia homes for sale, the average sale price is up 4% for the quarter (over $340,000) and 7% for the year ($325,000). The homes for sale market in Philadelphia is 17% new construction and 30% condominium. The 3 year appreciation is 41%; the 5 year appreciation is 84% for homes in Philadelphia. Several factors contribute to the Philadelphia homes for sale market not growing faster, including low population growth and many younger workers leaving the area. Philadelphia homes for sale prices were flat for a decade before this recent surge.
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