Old City, Washington Square West, Midtown Village, Chestnut Hill, And More
Philadelphia’s real estate market has a storied history of vibrancy, consistency, and most importantly, profits. The cities assortment of sound investing opportunities means that experts observe with a keen eye all year. With 2019 already underway, it’s crucial for you to have your facts straight regarding Philadelphia’s most appealing real estate prospects.
In the coming article, we will discuss how three of the cities most high-value area codes will be fairing in the coming year. Profits and opportunities are in ample supply for Philadelphia in 2019, so take careful notes—let’s get started.
19106—Old City, Society Hill
An area’s median sales price is crucial when gauging its value from a real estate investing perspective. And Old City and Society Hill are both seeing massive upswings in this regard. With a median sales price of $554,500, the area is seeing unprecedented growth. More specifically, we see a quarterly increase upwards of 31%, which is impressive by any margin.
Typically, a boom in sales prices can mean one of two things in real estate investing. It either indicates that the train has already left the station, or you need to hop aboard as soon as possible. In the case of Old City and Society Hill, an argument can be made for the latter—trends have shown that this growth has been consistent over the past six months. Put differently, the data doesn’t indicate that this tantalizing investment prospect is poised for a cool down just yet.
The area’s median age of 33 is also noteworthy. It’s an extremely young median from a real estate perspective, and studies have shown conclusively that younger individuals spend more. And spending power is intrinsically linked to flourishing real estate prospects. This fact combined with the area’s low crime rate and bustling school districts translates to this area being one to keep an eye on in 2019.
19107—Washington Square West, Midtown Village, Market East. Chinatown
This area is most suitable for those looking for entry-level investing opportunities. The real estate investing world is one where lots of capital is needed if you want to see substantial growth and make bold plays. As a result, an area like this one can be invaluable for both beginners and those looking for a reliable income stream for the coming year.
The area, Washington Square West in particular, is coming off a massive downswing. In fact, the locale was seeing some of its lowest sales figures and growth forecasts in years. But trends from previous years indicate that the areas are due for a boom—and very soon.
Furthermore, the spaces feature crime rates that are strictly average relative to the rest of Philadelphia. While not a benefit on the surface, average statistics strongly indicate an area that is consistent and well-suited for planting seeds that will turn profits in the long-term. In other words, areas similar to Washington Square West and Midtown Village can be immensely useful in securing financial stability in the coming years while assisting with more modest moves in the near future. If you’re an inexperienced investor, these are highly valued characteristics for cultivating your success.
The area’s average rent payments of $2100 mean that it can be a reliable way to secure some much-need passive income. Likewise, these areas are populated by single, upper-middle-class earners, which means that consistent growth is very nearly a guarantee. In short, these are investment opportunities that can help you meet your bottom line come the middle of the year or even sooner.
Lastly, another safe bet—Chestnut Hill. This locale has a history of prosperity, growth, and residents with earnings that far exceed local averages. Median sales prices are down from their five-year average of around 600K, but that’s no reason to write the area off. In fact, the trends point towards the opposite. While it may be a few months off, this rich and densely populated area will start seeing slow, steady growth as the year progresses. In a few years, this can payout massively for you—consider it for your next investment.
Looking to sell your home in Philadelphia? Point Acquisitions specializes in purchasing various types of investment properties in Philadelphia including residential, multifamily, lots/land, mixed use, commercial, and industrial. Contact us today for an estimate.
The Philadelphia Real Estate Market in 2019: