The real estate market in Philadelphia is such where it helps to know the market statistics beforehand so you can make a better home buying decision. For instance, home buyers with families constitute a large part of the real estate activity right now. Since they are going to want to find the best schools for their children, they can rely on the statistical charts that show which neighborhoods are in the most favorable school districts. This is one of the best ways to start looking for a home if you have a family.
The most popular family oriented neighborhoods in Philadelphia are at a standstill right now in regards to fluctuating home prices. There is virtually no movement in the average sales price which typically means there is no movement of homes. Since the school districts in these neighborhoods consistently get high ratings from the residents, you can safely assume that people are not selling their homes because they can’t, but because they don’t want to.
There are other neighborhoods however where the average price for a home is going up at a pretty good clip, which indicates a lot of buying and selling. Keep in mind though, when a lot of bank foreclosed property sells, it does not affect the average sales prices in this way, only when private parties are responsible for a lot of activity does this happen.
If you would like more information about the Philadelphia real estate market, don’t hesitate to give me a call.