With so many great restaurants, retail and activities surrounding East Passyunk Crossing, it’s no wonder that the prices of housing in the neighborhood have been continuously growing based on the demand for such a hot-spot location.
The neighborhood, which spans from Broad to 6th and Tasker to Snyder, has seen skyrocketing prices based on the growing demand to live in an area with so much to offer, according the The Inquirer.
More from The Inquirer:
Median prices in East Passyunk Crossing have risen 7.7 percent over the last three years, and climbed 28 percent from first quarter 2014 to first quarter 2015, according to an analysis of city sales data by Kevin Gillen, chief economist of Meyers Research and senior research fellow at the Lindy Institute for Urban Innovation at Drexel University.
The median price for the neighborhood in the first quarter was $226,900 (half the houses sold for more, half for less), Gillen said. To compare, for South Philadelphia as a whole, the median first-quarter price was $149,646; for all of Philadelphia, it was $102,717.
“There’s just a handful of houses for sale . . . no teardowns, no board-ups, little construction, just solid single-family houses that if properly priced go in a couple of weeks,” said Pascarella.
That handful of houses is going for $245,000 to $389,000. And the largest, the almost-as-big-as-singles twins on Castle Avenue, “sell in the $400,000s,” he said.
Some long-time neighbors have stories of the increasing value of their homes. One homeowner reportedly purchased his home about 25 years ago for just $42,000 and now it could be worth upwards of $300,000. While that’s a pretty magnificent turnaround for long-time homeowners in the area, any potential new residents need to be ready to act quickly and pay up for properties that pop up on the market in the area.
While East Passyunk was popular in the past, it’s nothing quite like the renewal the area has been seeing in recent years.
Want to see more about what’s happening around East Passyunk Crossing? You can find more stories in the area here.
What do you think of East Passyunk becoming one of the destination neighborhoods in the city?