Real Estate » 10 Cities » Median Home Price Buys In Philadelphia
"Philadelphia is a city of neighborhoods," says Mike McCann, director on the executive board of the Greater Philadelphia Association of Realtors.
The typical $220,000 buyer is a first-time homeowner, he says. And "they have plenty of choices. They can go from Center City, in the historic district where there are million-dollar houses, to the far northeast, where there are driveways, wider streets and street parking."
Listed by: Realty Executives (West Chester).
In the historic district, that money will fetch a studio or one-bedroom condo with 600 to 1,000 square feet in a vintage building that likely doesn't have an elevator, he says. Or a buyer can pick up a 50- to 120-year-old row house in one of the outlying neighborhoods.
In the suburbs, purchasing power varies widely with the area, says Marilou Buffum, past president of the Greater Philadelphia Association of Realtors.
And don't count on the old rule of "the farther out you go, the less expensive it is" to hold true for the Philadelphia suburbs, she says. In places like Chester and Montgomery counties, "it gets more expensive."
*Source: National Association of Realtors, fall 2011.
More On Home Prices:
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused. We do not permit the inclusion of hyperlinks in comments and may remove any comment that includes a hyperlink.
Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.
The Federal Reserve's Beige Book survey, which is based on input from business sources across the nation, predicts that the spring homebuying season will be strong.
... Read more