Unless you live under a rock, you can’t help but notice the major changes in South Philly over the years. The neighborhood was already a very interesting melting pot of various backgrounds; however, now with all of the new construction and gentrification, it’s almost hard to recognize this iconic home of cheesesteaks, South Street and The Phillies!
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What Is Going On In South Philly?
The recession of the last decade has resulted in falling housing prices in most of the United States, in fact most of the world. This phenomenon has not reached South Philly, where the market shows strong growth and increases in real estate values. The last two years especially have demonstrated significant increase in South Philly housing prices. While Philadelphia real estate as a whole has held on to its value well through this worldwide recession, South Philly neighborhoods have fared particularly well.
Why South Philly?
With beautiful, well-kept neighborhoods and ease of walking to retail areas, it is no wonder that South Philly real estate has retained and improved its value while other areas have struggled to do so. Historic brick buildings and tree lined streets create a lovely atmosphere with plenty of shopping and dining options close by. For these reasons, many people consider South Philly to be the ideal place to live.
Is South Philly One Neighborhood Or Many Neighborhoods?
Most visitors to South Philadelphia (and many who grew up in Philadelphia) always seem to lump this entire area into one neighborhood called South Philly, but is that all to it? Are we doing this entire area a disservice when lumping all of its unique characteristics into one place with one name. What’s so interesting about this concept is that if you ask a newcomer to the area (or an older resident who has come to terms with the naming conventions) where they live, their answer will not be South Philly, but instead they would say something like “I live in Bella Vista, Queen Village, Newbold, Passyunk Square, or Pennsport.”
Buying A Home in South Philly
What’s great about buying a home in South Philadelphia is that you can choose what type of South Philly living experience you want to have. If you love the convenience of walking to the grocery store combined with quaint brownstone homes, you can have it. If you love busy streets and lots of places to eat and party you can have it. If you love quiet tree-lined blocks in a residential area, you can have that too! Regardless of the environment you choose, with its proven record of maintaining value, investment in South Philly real estate seems to be a good decision.
Selling A Home in South Philly
Since real estate values have remained strong in South Philly, those who need to sell their home are also in an advantageous position. The strength of the South Philly real estate market make it simple to list and sell property within these neighborhoods without concern that they have dropped in value since their purchase. In fact, an appraisal may show that your home is worth more than you think.
For help listing and preparing your South Philly property for sale, or if you want to check out some homes for sale in any of the various neighborhoods within South Philly, call AGENT LADY @ 215-518-5193 or schedule an appointment.
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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.
