Philly’s Average House Values Grew Like an 11-Year-Old Boy’s Mustache Last Quarter
Much like when your 11-year-old brother showed you that minute we-can-sort-of-see-it “growth” of hair on his upper lip that he dubbed a mustache, a recent fourth-quarter analysis of Philadelphia home values showed an increase in the last three months of 2014: a whopping 0.8 percent. (Granted, he did grow up to have a luxurious handlebar ‘stache.)
According to the Inquirer‘s Alan J. Heavens, economist Kevin Gillen analyzed the data, which showed that in addition to the 0.8 percent hike seen in average house values for single-family homes, house sales also went up, although in that case the increase was by 11 percent, which Gill says marks it as the “strongest fourth quarter in five years.”
So what caused this growth spurt? Here’s what Heavens reports:
The small boost in single-family home values was the result, Gillen said, of more sales in lower-priced areas, notably North Philadelphia, Kensington/Frankford, and West Philadelphia.
Sales in lower-income neighborhoods rose 35 percent over 18 months, he said, as the recovery became “more widespread and equitable.”
However, not all Philadelphia neighborhoods relished in the surge:
Center City prices fell 2.7 percent, Northwest Philadelphia was down 1.9 percent, and University City was down 0.9 percent, Gillen said.