Philly ‘burbs Break Pattern
They are known for Cheesesteaks, brotherly love and, in some circles, Fresh Prince. You know… In west Philadelphia born and raised, On the playground was where I spent most of my days, Chillin' out maxin' relaxin' all cool. And all shootin’ some b-ball outside of school.
BUT did you know that the Philadelphia suburbs are not following the home value trend that the rest of the nation is setting? According to an article in the National Mortgage News, “the median home-sale price in the Philadelphia suburbs is down 11%, having dropped $27,000, from $242,950 in the first quarter of 2007 to $216,000 in 2017. And few signs exist that the suburbs will regain their prehousing-bust vigor quickly.”
This is causing issues for suburban homeowners who are holding onto their homes longer because they may not be able to sell their home at a high enough price. I don’t blame them; especially when you look at home sales around the rest of the nation. Nationally, home prices are setting sales records this year and if I was a Philly home owner I’d be pining for the same! To read more about this situation in their suburbs check out the full news report here: