Philadelphia

Things to Do

Philadelphia is a city brimming with activities for every interest. For art lovers, the Philadelphia Museum of Art and The Barnes Foundation offer a world-class experience. The city's rich music scene caters to various genres, hosting performances in venues like the Kimmel Center for the Performing Arts. Outdoor enthusiasts can explore Fairmount Park, one of the country's largest urban park systems, offering trails, water activities, and scenic views. Philadelphia is also home to the Main Line, which consists of many towns to visit. Find out where the Main Line is located. 

Historical Landmarks

The city is steeped in American history. Independence Hall and the Liberty Bell are iconic symbols of America's struggle for independence. These sites, along with others like the Betsy Ross House and the Benjamin Franklin Museum, offer a glimpse into the nation's founding era. Walking the historic streets of Old City, you can feel the rich past that has shaped the present.

Restaurants

Philadelphia's culinary scene extends beyond its famous cheesesteaks. The city boasts a diverse array of dining options, from upscale eateries to cozy neighborhood bistros. Reading Terminal Market is a foodie's delight, offering a variety of local and international foods in a lively market setting. For a more refined dining experience, the city has numerous high-end restaurants that showcase both local and international cuisines.

Real Estate Market Overview

• Home Values: The average home value in the Philadelphia-Camden-Wilmington area was recorded at $341,744, marking a 6.4% increase over the previous year. This indicates a healthy appreciation in property values.
• Sales Dynamics: Properties in this market are moving quickly, with homes reaching a pending status within an average of just 14 days. This rapid movement is a sign of a robust market.
• Market Forecast: A positive growth trajectory is forecasted for the market, with an expected increase of 3.1% in the coming year.
• Inventory and Listings: The market had about 12,200 homes for sale with 4,082 new listings as of the end of 2023.
• Pricing Trends: The median sale price was $320,667, with a median list price slightly lower at $314,667, indicating a strong seller's market.
• Sales Performance: About 45.3% of homes sold over their listing price, suggesting a competitive market environment.

Investment Perspective

• Density and Development: Philadelphia's density provides opportunities for redevelopment or subdivision due to the lack of expansion space.
• Affordability: Compared to other major cities, Philadelphia's real estate market is relatively affordable, offering a range of properties at reasonable prices.
• Neighborhood Diversity: The city's diverse neighborhoods each offer unique investment potentials.

Market Optimism for 2024

• Attractiveness to Buyers: The Philadelphia area is expected to see a boost in market activity due to its relative affordability, the potential drop in mortgage interest rates, and the availability of properties affordable to first-time homebuyers.
• Long-Term Homeowners: A significant portion of homeowners have lived in their properties for longer than the average period, indicating a stable residential base. This stability, coupled with the region's attractiveness, points to the potential for market growth.
• Regional Strengths: The Philadelphia area's position between New York and Washington, along with its walkable communities and job opportunities, contributes to its appeal.