January 3rd, 2011
Greater Philadelphia Housing Prices Outpace National Trends
The Greater Philadelphia Region continues to outperform national pricing trends, according to the most recent HomExpert Market Report. While recent reports, including this week’s quarterly Standard & Poor’s Case-Schiller National Home Price Index, show continuing pricing declines in many of the major markets, home prices in Greater Philadelphia have remained relatively insulated. This is good news for home sellers, whose investments in their home remain solid in spite of today’s volatile market.
According to the Prudential Fox & Roach Realtors HomExpert Market Report © the median price of homes sold in the Greater Philadelphia region in November was $208,000, which is 3 percent higher than in November 2009. While sales have declined across the region in the aftermath of the federal tax credit, the data indicates that home values in our region, unlike other areas in the United States, have continued to retain their value.
Certain areas in Philadelphia show no signs of struggle. Below is a spotlight on Center City Philadelphia, where home sales prices increased 4% in November: