Home prices have surged in Philadelphia over the past year, with double-digit annual price growth starting last summer and annual appreciation averaging more than 20 percent throughout 2017.
Through data from Econsult Solutions, MarketWatch reports that median sales prices are 15 percent higher in Q1 2017 than in the same time last year. The results reflect only the city itself, not including the suburbs.
Philadelphia has an improving local economy and strong job growth.
Another bonus: Philadelphia sits dead center on the Amtrak corridor between its two more high-profile and more expensive neighbors, allowing people like economist Mark Zandi who do business in both cities to live in the middle where it’s a lot cheaper. “If we ever got it together and were able to improve the rail system, Philadelphia would literally boom,” Zandi said.
