If you would like to get into the Philadelphia real estate market, you have a great opportunity in front of you, but you must perform due diligence. This guide, we will explore real estate trends for Logan Square, Filter Square, Rittenhouse Square and University City. The information you are going to get 0
Logan Square is the first area at which you will look in your quest to make a wise investment. The average income sits just under $70,000, giving Logan Square a healthy economy. The median house price spiked December 2017 and has been fluctuating since that time.
If the city’s housing market continues on the same path, buying homes to resell is a great choice that offers plenty of profit potential you won’t want to miss. Logan Square is also a fantastic area if you would like to invest in high- or low-rise apartment buildings because the average cost of rent is on the rise. The schools in the area have decent ratings among residents and make the area appeal to families with small children.
If you would like to buy investment properties in Filter Square, you might want to wait and see how the market will change in the coming months. The average home price has dropped nearly 20 percent over the last several months, and the area does not offer healthy returns for those who rush into the market. On the upside, Filter Square shows promise of making improvements in the future.
The average home price is around $560,000 and falling, so putting your money in this housing market is a risk. The number of new renters is declining, so you might not have much luck if you build a new apartment complex. On the other hand, the average price of rent is going up. Invest in existing apartment complexes if you want the highest odds of getting a fair return.
Rittenhouse Square is another city at which you want to look so that you can find an investment opportunity that makes sense for your bottom line. The demand for homes in the area has made a lot of fluctuations over the past few years. The good news, though, is that the demand has been making a steady incline despite a few minor downturns.
The average home sells for just under $507,500, and most people in Rittenhouse Square pay $2,600 each month in rent. The average household income is $70,000 and contributes to the strong economy. Crime rates in the area are among the lowest in the county, and families feel safe raising their children here as a result.
A lot of investors look at the history of University City and walk away, believing it’s not worth their time or attention. Those who fell victim to the housing bubble of 2017 took the biggest financial hit when the average home price dropped from $2.5 million to under $350,000. If you would like to get into the market without losing money, buy when the next downturn begins leveling off. You might have to hold onto the property for a few years to turn a profit, so keep that in mind when you decide what to do.
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