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Neighborhood
Transformation Initiative
Eva Gladstein
Director
One Parkway
1515 Arch St.
12th Floor
Philadelphia
PA 19102
215-683-2154
Fax 215-683-2162

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City of Philadelphia

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Housing Market Trends

The City's housing markets by type
The NTI will have the largest impact if it can tailor its programs and interventions in city neighborhoods to each neighborhood's unique needs and priorities. In order to design a particular set of strategies for each neighborhood, the city needs information on the specific characteristics of the housing market within that community. Therefore, the Street Administration commissioned The Reinvestment Fund to conduct an analysis of Philadelphia's real estate market conditions.

The following data was used to analyze each neighborhood:

• Housing tenure (i.e., whether a housing unit is owner or renter occupied)
• Age of housing
• Percent of units demolishe
• Percent of properties vacant
• Percent of properties deemed dangerous and imminently dangerous
• Percent of properties characterized as commercial
• Year, value, type and sale price of the most recent sale
• Total count of residential units
• Percent of households surveyed with high and very high risk credit scores.

Using these data, each neighborhood was analyzed and characterized as predominantly one of six market types: Regional Choice, High Value/Appreciating, Steady, Transitional, Distressed or Reclamation. See description at right. This analysis has provided a framework for targeting government investments to provide maximum benefit to each "market cluster."

Home Values are appreciating citywide
Since 2000, the average home in Philadelphia has appreciated by 30% (adjusted for inflation). The population of Center City grew by 14% between 1990 and 2000, fueling a boom in the housing market. Developers have created more than 4,880 market-rate apartments and condominiums

Legend:
Appreciated
n By 25%or more
n By 10-25%
n By 3-9%
Depreciated
n By 0-2.9%
n By 3-9.9%
n By 10% or more
n > 4 transactions
n Non-residential

Regional Choice
Highest housing values. Housing stock is in good condition. Mix of both residential and commercial uses. Mix of owners and renters.
NTI Strategies:
Promote and propel the market

High Value/ Appreciating:
Very high housing values. Strong appreciation and population stability. Older housing in good condition.
NTI Strategies:
Facilitate healthy functioning of the private market.

Steady:
High housing values. High owner-occupancy rates. Newer (post-1950) housing. Low vacancy rates.
NTI Strategies:
Respond to changes in any troubled sub-markets.

Transitional:
Above-average housing values but many neighborhoods are subject to rapid increases or decreases in housing prices.
NTI Strategies:
Respond rapidly to physical or economic deterioration.

Stressed:
Below-average housing values. Older and deteriorated housing stock. Elevated vacancies and dangerous properties. Significant population losses.
NTI Strategies:
Build from strength.

Reclamation:
Oldest housing with the lowest average values. Very high rates of vacancy and physical deterioration. Substantial population loss.
NTI Strategies:
Build from strength and create conditions for market rebirth.