Old City Philadelphia (sometimes spelled as Olde City) is known for two things: tourist attractions and nightlife. These items, though, are also what makes Old City a popular neighborhood for buying a home. Read on to see if Old City is right for your first time home purchase.
Old City’s location is super convenient
Old City is appropriately named. It’s literally the original part of Philadelphia and could be identified as a city back when Germantown was considered “the country.” Running roughly from Walnut Street to Spring Garden, and from the Delaware River to 6th Street, Old City is known for its walkability and convenient transit. The Market Frankford line stops at both 5th Street and 2nd Street, and the densely built streets provide plenty of sidewalks to get there. Indego, Philadelphia’s bike share system, also has several locations, which is great for residents and tourists alike.
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One reason for the density and walkability is because walking was the only way to get around Old City when it was founded. Horses were banned between the river and 8th Street until the early 19th century, which was probably for the best, considering the streets were nothing but dirt, and the horses and carriages would have created a fantastic amount of mud and ruts in the roads. Many streets in Old City are often quite small, as well, due to their original use as pathways to get to and from the docks on the river. This history means that today, the neighborhood is a great choice for those who don’t want to drive often, or even own a car.
Old City also puts you in the middle of the action. Plenty of Best of Philly bars and restaurants are located in the neighborhood, including the acclaimed Zahav and several by Stephen Starr and Jose Garces. City Tavern, a reproduction of an original pub frequented by the founding fathers, is run by the National Parks Service, and allows you to immerse yourself in Old Philadelphia as you are served traditional 18th century dishes by costumed employees. If a modern take is more your style, Old City also offers some of Philly’s best brunch locations. Summer festivals also abound, including the farmer’s market at Christ Church and First Fridays in Old City.
Old City is one of the most charming neighborhoods in Philadelphia
One reason horses were finally allowed in Old City was because the streets were paved beginning in the 1830s. While most of Old City’s streets are paved with modern asphalt, some of the old, original cobblestones survive, more here than in any other place in Philadelphia. The areas around Independence Hall feature granite blocks as pavers.
And speaking of Independence Hall, the area around Independence Mall offers plenty of other charming tourist attractions, including Carpenter’s Hall, the American Philosophical Society, and the Athenaeum of Philadelphia. Sure, we have cheap souvenir shops like any other city, but at least the attractions themselves are legit!
Old City is also the location of Elfreth’s Alley, the oldest residential street in the US. A handful of the street’s homes come up for sale each year, but if you can’t afford to buy at this prestigious address, you can still check out the homes when the residents offer open houses each year.
Old City is a great investment
The second quarter of 2015 saw a 3% increase in home prices in Center City, and the popularity of the neighborhood continues to increase. Redevelopment along Penn’s Landing, the addition of bars, restaurants, breweries and shops, and new construction in nearby center city, particularly Market East, show that Old City’s desirability isn’t going anywhere! Millennial buyers, especially, seem eager to live in a location so close to the action.
If 18th century brick homes aren’t your style, don’t think you’re locked into only historic homes if you buy in Old City. Modern loft conversions and even brand new high rises and townhomes have recently been constructed in the neighborhood. Although the area is already dense, there are still pockets of land or buildings far beyond repair where developers have found space to create residential and commercial properties.
Parents should also find Old City to be a great place to buy, since some of the neighborhood is assigned to the highest rated elementary schools in the Philadelphia School District. Independence Mall and nearby Washington Square also provide green space for kids to explore. You also can’t get better history lessons than the nearby historic attractions!
If you’re interested in purchasing a home in Old City, please contact me to learn about the process and find a property that is perfect for you. And remember: friends don’t let friends buy homes without Agent Lady!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
