South Philly Neighborhood Named 2nd “Hottest” in the Entire Nation

Redfin predicts Dickinson Narrows will be the place to buy in 2015.

Have you ever heard of the section of South Philly called Dickinson Narrows? It’s a sliver of a neighborhood tucked between Pennsport in the east and East Passyunk to the west and real estate site Redfin has high hopes for this pocket of the city, ranking it only behind San Diego’s El Cerrito neighborhood on their “Hottest Neighborhoods of 2015” list.

Here' the national list via Redfin

Here’s the national list via Redfin

Now regularly referred to as Dickinson Square West and home to “The Divine Lorraine of South Philadelphia,” Redfin says that past lists has focused on historic or tony neighborhoods as ones to watch, because that’s what buyers wanted. However, home buyers are now seeking “value”–with an emphasis on affordability and convenience–when hunting for a new home. These areas have seen the biggest increase in page views and favorites on Redfin and the site predicts they will be the hot spots for potential buyers in 2015. Enter Dickinson Narrows/Dickinson Square West:

“Many homebuyers have recoiled from the dramatic increase in house prices in urban centers posted over the past three years,” said Redfin Chief Economist Nela Richardson. “They are now searching for more affordable places farther out. Expect the neighborhoods on this list to see high demand in 2015 as rock-bottom mortgage rates and a more lenient mortgage lending environment help make homeownership in expensive cities less costly.”

They even broke it down by metro area. Here’s the top five for the Philly area, median sale price and median days on market are in parenthesis:

  1. Dickinson Narrows ($192,000/55)
  2. Northern Liberties ($350,000/69)
  3. Girard Estates ($164,000/56)
  4. Fairmount Park ($190,000/80)
  5. Kensington ($178,000/52)

Here’s what local Redfin agent Blakely Minton said about Dickinson Narrows:

“Compared to its nearby counterparts Pennsport and East Passyunk Crossing, Dickinson Narrows offers an affordable option to Philly homebuyers looking for the amenities of downtown living. It’s also located in South Philly, which is becoming a hotspot for first-time homebuyers and suburban relocators. Dickinson Narrows has its own enclave of popular restaurants and bars and it’s surrounded by scenic parks and playgrounds. Housing in the area consists of new construction, rehabbed housing and older homes available for around $235,000. It’s also one of the few neighborhoods downtown you’ll find with spare parking and garages, which is at a premium in South Philly. With I-95 right on the outskirts of the neighborhood, it’s easy to roll out of town for a weekend getaway too.”

While some of that might be true, it seems like the amenities of Pennsport and East Passyunk are getting mixed into the description as well, particularly the bit about the restaurant/bar scene.

So let’s just set the record straight: The New York Times is bullish on all things Philly. Travel + Leisure is raving about the food scene. Hell, even our shopping scene is now globally recognized by Conde Nast. Everything is coming up Philly in 2015.

Redfin Predicts the Hottest Neighborhoods of 2015 [Redfin]