Redfin Predicts Philly’s Housing Market Will Be a “Sleeper” in 2015
Glance at the latest reports on Philly’s housing market and you find a city with an improving economy, slowly burgeoning job opportunities, and a rising number of new constructions. Reading Redfin’s most recent 2015 prediction chart on the topic, however, humbles our town down to “sleeper” status in the face of “stalwarts” like Houston, Chicago and Dallas.
So how did the real estate brokerage come to that conclusion? For one thing, they didn’t just look at national averages since market level data doesn’t usually show the “widely varying conditions” in the numbers. Instead, they took a closer look at each market and came up with six housing personas, all of which are identified as such:
Stalwarts: Strong economies, lots of millennial buyers, yet still affordable. Chicago, Houston and Dallas fall into this category.
Topping Out: Sky-high prices that will peak, and even dip into negative territory. Extreme wealth, unaffordable. San Francisco, San Jose and Washington, DC are topping out.
Tech Magnets: Tech-driven economies, young wealth; getting more expensive, and growth limited by zoning or geography. These include Boston, Seattle and Denver.
Comeback Kids: Markets hit hard by the financial crisis that will see a pickup in sales in 2015. Redfin named Miami, Atlanta and Orlando to this list.
Sleepers: Not in the news much, but mid-priced cities with good economies and job opportunities. Think Baltimore, Philadelphia and Raleigh.
Down but not Out: Hit hardest by housing crisis, fewer jobs, still working through foreclosures. Las Vegas, Phoenix and Tampa are labeled as such.
What do you think of Redfin’s prediction of Philly being a “Sleeper” in 2015? (The schools issue sure didn’t help.)