South Philly real estate prices are on the up.
We’ve shared with you before about the rent prices rising, but now we have some new information on the cost of homes. In the span of a year, the price of South Philly houses has increased 12%.
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At the neighborhood level, West Philly, University City, Kensington/Frankford and South Philly are seeing serious growth, as each area has experienced double-digit price appreciation over the past year. Values in University City and West Philly are up over 21.8% and 20.8%, respectively.
While we haven’t seen as much of a percentage of change as West Philadelphia, prices are continuing to rise. In the span of 10 years, there has been a 36% change. Now just in 1-quarter, we’ve already seen a 5% increase.
These findings from Drexel’s Lindy Institute for Urban Innovation.