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Introduction
Throughout the 1990s Philadelphia paid a great deal of attention to the restoration and development of its downtown, one of America’s most livable and exciting urban communities. The Center City renaissance was an important part of the city’s comeback story. Since 2003, Philadelphia’s residential real-estate market has been very strong. Center City’s hot real-estate market has been rivaled by other strong neighborhoods. In 2001, The Reinvestment Fund (TRF) developed a housing market analysis for strategic planning and allocation of resources. The housing market types were created using a statistical cluster analysis that included nine variables:
- sales price;
- demolition activity;
- vacancy rates;
- dangerous properties;
- owner occupancy rates;
- age of housing;
- presence of non-market rate rental housing;
- mix of commercial and residential uses; and
- consumer credit profiles.
By updating only the residential sale prices three years later, we get a glimpse of where market changes are occurring. Especially positive changes are notable in areas adjacent to markets that were recognized for their strength in 2001. The neighborhoods of East Falls, Powelton Village, Fairmount, Northern Liberties, Grays Ferry, Pennsport, Queen Village, Mount Airy and large sections of the Northeast made significant improvements.
As market values change, as new developments are introduced and new uses for old buildings are discovered, whole sections of the city reappear as valuable and fresh. This document focuses on a few of the areas that present opportunities for growth and investment. South Philadelphia West of Broad, the North Delaware Riverfront, North Central Philadelphia, Allegheny West/East Falls, the Far Northeast and West Philadelphia North of Market are all places of great potential value for residential and commercial developers. They have inherent strengths, are proximate to areas of strong investment and have undeveloped parcels of land zoned for effective reuse.
The development analysis gives some idea of the strengths and assets of each area and information on housing activities. In all cases there are both funding and tax-incentive programs that support housing development in Philadelphia.
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Market Trends
Real
estate trends 2000-2004
Acquisition Zones
Allegheny
West/East Falls
Logan
Mantua
North Central Philadelphia
North
Delaware Riverfront
Northeast
Philadelphia
South
Philadelphia
West
Philadelphia
Click on a section for details
To review the publication "Housing Market Development Trends" click here or for a copy of the publication, please call the Department
of Public Information 215-686-9723
On each section, maps for the area show a market analysis comparison between 2001 and 2003. The categories are:
Regional Choice Market
• Highest property values in City
• Eclectic mix of residential, commercial/institutional uses
• Older housing typically in excellent condition
High Value Market
• High value housing
• Strong price appreciation
• Population stability and in some instances growth
Steady Market
• Predominantly owner-occupied
• Housing prices relatively high and stable
• Homes in good physical condition
Transitional Market
• Population shifts
• Home to a disproportionate share of the City’s aged
• Dangerous properties are apparent
Stressed Market
• Elevated vacancies – approximately 7% of all
housing stock
• Above-average level of publicly assisted housing
• Some of the most substantial population losses in the City
Reclamation Market
• Substantial population loss - some as high as
30% during the 1990s
• Low property values
• Elevated vacancy rates - 22%
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