Home Values Increased the Most in these Philly Neighborhoods in 2021

As 2021 comes to a close, we are taking a look at how home values have changes in certain areas of Philadelphia over the last year. Appreciation rates are important especially when you’re thinking about buying properties as an investment.

Kevin C. Gillen, Ph.D. is an economist who holds positions as both a Senior Research Fellow with the Lindy Institute for Urban Innovation. He produces quarterly reports on the state of the Philadelphia region’s housing market.

Over the past year, Philadelphia’s home appreciation rates are up 14.5%. The city is outpacing the suburbs and the entire country as you can see in the statistics below.

When it comes to individual Philly neighborhoods, Gillen said there is a lot of variation. However, he said in December 2021 that there are two areas in Philly that have seen exponential home appreciation rates in the past year. Plus two other areas that have consistently seen rising appreciation rates over the past 10 years.

Areas that have seen the most appreciation over the past year:

West Philly and North Philly have seen the highest appreciation rates over the past year. Gillen says he believes there are a few reasons for this.

• First, University city is expanding into West Philly and Center City is expanding into North Philly.

• Second, these areas received a lot of federal funding in the wake of the social unrest during summer 2020 that was used to rehabilitate store fronts and streetscapes and increased the desirability of the neighborhood.

• Third, there has been a lot of investment of institutional capital from the area universities including Temple, Drexel and UPenn.

West Philly

• West Philly has seen the highest appreciation rate of homes over the past year.

• Over the past 41 years: 976%

• Over the past 10 years: 161.8%

• Over the past 1 year: 20.5%

• Over the past quarter: 6.5%

Available West Philly Properties:

North Philly

• North Philly has seen the second highest rate of appreciation on homes over the past year.

• Over the past 41 years: 803.3%

• Over the past 10 years: 104.7%

• Over the past 1 year: 17.6%

• Over the past quarter: 4.9%

Available North Philly Properties:

Areas with the most appreciation over the past 10 years:

South Philly

• South Philly has seen the highest appreciation rate consistently over the past few decades.

• Over the past 41 years: 1,013.6%

• Over the past 10 years: 102.7%

• Over the past 1 year: 7.9%

• Over the past quarter: 4.4%

Available South Philly Properties:

University City

• University City saw very high appreciation rates over the past 10 to 4o years, but more recently has seen a decline.

• Over the past 41 years: 850%

• Over the past 10 years: 75.3%

• Over the past 1 year: -5.2%

• Over the past quarter: -3.9%

Available University City Properties:

An overall view of home price appreciation by neighborhood:

Looking to invest in Philadelphia and want to learn more about home appreciation rates? Contact us today!

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Venture Philly Group

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info@venturephilly.com

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604 S Washington Square, Philadelphia, PA

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