Over the past five years, home values in Philadelphia have risen by nearly 58%. Buying investment property in Philadelphia can be a rewarding and enriching experience. A good investment property can provide passive income and appreciation over time as your tenants pay their mortgage. It's cheaper to buy than rent in Philadelphia, according to a new report by real estate database company ATTOM.
Axios Philadelphia is an Axios company. Investors took 15% of housing in the Philadelphia subway last year, more than several of the major metropolitan areas in the United States. Department of State, according to a recent analysis by the Washington Post. Get more local stories in your inbox with Axios Philadelphia.
Support local journalism by becoming a member. Get a free daily summary of the most important news from your backyard with Axios Philadelphia. One of the best investment opportunities in the Philadelphia real estate market are those areas where you already know everyone wants to live in. 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.
About 46% of housing units in the Philadelphia housing market are rented, slightly higher than the national average. Last month, homes in the greater Philadelphia area sold at higher prices and that is mainly due to a shortage of inventory. As new listings remain low compared to last year's numbers, home inventory has fallen even lower, leading to an increase in sales prices for Philadelphia properties. In several zip codes in the Philadelphia real estate market, more than 10% of real estate transactions are “reverse sales.” 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.
If you look only at Philadelphia and its immediate suburbs, the Philadelphia housing market still includes four million people. Overall, the scarcity of supply and the increase in demand for housing will drive up prices in the Philadelphia metropolitan region. Both Generation Z homebuyers and New Yorkers looking for more for the money will keep homes moving in Philadelphia. We can help you succeed by minimizing risk and maximizing the return on your investment property in Philadelphia.
Multi-family homes can also be rented through Airbnb in Philadelphia if you complete the correct documentation. Other types of housing that are prevalent in Philadelphia include large apartment complexes, detached single-family homes, duplexes and homes converted into apartments. The Philadelphia real estate market offers an ideal combination of affordable properties you can buy and a large population of renters who aren't going to buy homes anytime soon. Home sales in the Philadelphia region have skyrocketed during the pandemic, driven by ultra-low interest rates, housing shortages and people seeking more space during the pandemic.