Philadelphia: Center City Reports - Housing Resurgence

A recent report created by the Central Philadelphia Development Corporation indicates that Center City Philadelphia's housing market surged out of its recession in 2013.

Report findings include:

• “More than 2,000 residential units were delivered to the Greater Center City market in 2013. Sales prices throughout the expanded downtown increased by 3.7% over 2012, averaging $563,904 in the core and $340,632 in the extended neighborhoods.”
• “In 2012, the average household income in Greater Center City neighborhoods ranged from $32,000 (Grays Ferry) to $168,000 annually (Society Hill).”
• “The average U.S. household holds 2.61 people. The average household size in Philadelphia is 2.54; in core Center City it is 1.55 persons and 2.14 in the extended neighborhoods. The average for all of Greater Center City is 1.91 persons per household, though 62% of core Center City households hold just one person.”
• Greater Center City neighborhoods closest to the core have seen the largest influxes of new residents and renters, while neighborhoods such as Grays Ferry, Point Breeze, Pennsport, and Passyunk Square have the largest percentages of longstanding owner occupants.”
• 90% of Center City renters moved into their current apartments since 2000, with an average of 28% in most neighborhoods moving in after 2010.”

The comprehensive report may be downloaded here…