This value is adjusted according to the season and only includes the average home price level. We can help you succeed by minimizing risk and maximizing the return on your investment property in Philadelphia. Both Generation Z homebuyers and New Yorkers looking for more for the money will keep homes moving in Philadelphia. As a general rule, markets where it's more expensive to buy a home tend to have a higher percentage of renters.
Overall, the scarcity of supply and the increase in demand for housing will drive up prices in the Philadelphia metropolitan region. About 46% of housing units in the Philadelphia housing market are rented, slightly higher than the national average. While the state of Pennsylvania does not require a license to rent a home, anyone who buys property on the Philadelphia real estate market must obtain a business license and a home rental license. The Freddie Mac Home Price Index (FMHPI) measures the change in house prices in the U.S.
housing markets. Investors who focus on rental properties for the workforce may find that Philadelphia is the perfect match. But even before the pandemic helped boost the housing market, sales and prices had been rising in the Philadelphia region and across the country since the market returned after the Great Recession. Now we'll look at some of the most recent real estate trends in the Philadelphia area, which will help you understand how the local real estate market is moving in this region.
Although both home price appreciation and sales volume are above their long-term averages, recent housing data indicate that they have slowed in recent months. Do your legal research before buying rental properties in the Philadelphia housing market, since you will be subject to taxes and fees that are not required by Pennsylvania state law. In several zip codes in the Philadelphia real estate market, more than 10% of real estate transactions are “reverse sales.” If you just look at Philadelphia and its immediate suburbs, the Philadelphia housing market still includes four million people.