Philadelphia is one of America’s oldest and proudest big cities. Known for its famous cuisines like Philly Cheesesteaks, colonial history, and cultural prominence, Philadelphia is an essential American city.
But while Philadelphia is a city that has an attractive real estate market within the city limits, the suburbs of Philadelphia are also becoming a hot market. This shift towards the suburbs has some experts asking whether the real estate market in Philadelphia is beginning to favor the suburbs over the city itself.
This isn’t to say that the real estate market in Philadelphia is struggling. According to Redfin.com, from November 2019 to now, the price of a home has skyrocketed within the city limits.
Areas like Beaupre offer larger and more expensive homes, at a cheaper cost per square foot than the city.
In November of 2019, the median price of a home was $218,750. In November of 2020, the median price was $249,000. This is a 13.8% increase year-over-year. That is a rapid rise, that could potentially price some residents out of buying a home in the city.
According to the Philadelphia Inquirer, in the suburban counties of Philadelphia, there were 1,000 more homes sold in April, May, and June then in the first quarter of 2020. In Philadelphia, there were 2,200 fewer homes sold. Within Philadelphia, prices are up, and sales down. The primary reason for this is a lower housing inventory. This makes Philadelphia a firm seller’s market.
The suburbs offer cheaper prices to buyers, and more housing to choose from. In the second quarter of 2020, according to the Inquirer, prices were down 7%. This is because the abundance of options is pushing the prices down. The suburbs of Philadelphia also offer buyers great places to live outside of the congestion and bustle of a city.
Across state lines, there are many suburbs in South New Jersey that are appealing to residents looking to move outside of Philadelphia. This area offers buyers open spaces, quick public transit to Philadelphia, and proximity to the famed Shore.
As well, there are numerous towns in the western suburban area outside of Philadelphia that offer exciting real estate options. For example, Ardmore is a suburb that offers a beautiful escape from the city, with colonial houses, and areas like Suburban Square. Suburban Square is experiencing significant growth as new apartment developments continue to pop up.
Other suburbs near Philadelphia that have buyers lining up are Bryn Mawr and Conshohocken. Bryn Mawr has numerous areas that attract buyers who want the quiet of a suburb. Areas like Beaupre offer larger and more expensive homes, at a cheaper cost per square foot than the city.
More affordable homes in the Garret Hill neighborhood come off the market within days of being listed. In Conshohocken, buyers looking for easy living flock to the townhomes and condominiums. Conshohocken is also known for its biking and walking trails.
Living in Philadelphia has a lot of benefits. The city is vibrant and filled with history. The food is delicious, and the city is bustling with life. But for some buyers, who are spooked by rising prices, and a lack of options, the suburbs offer a great alternative. With a higher inventory, cheaper cost, and some great options away from the congestion of a big city, it’s no wonder many buyers are turning to Philadelphia’s suburbs.
With a higher inventory, cheaper cost, and some great options away from the congestion of a big city, it’s no wonder many buyers are turning to Philadelphia’s suburbs.