Following years of sluggishness, the real estate market in the Philadelphia suburbs is finally experiencing the recovery it needs, writes Caitlin McCabe for the Philadelphia Inquirer.
“It’s a kind of house-hunting frenzy that some experts say they have never seen before: The number of homes for sale is at record-low levels, and buyers are becoming increasingly desperate to secure the home they want,” writes McCabe. “No longer is it unusual for homes to sell just one or two days after going on the market, and real estate agents say open houses are flooded all day with shoppers.”
In the second quarter of 2017, more than 15,000 sales were recorded in the region, which represented a 20 percent increase from the second quarter of 2016. Likewise, the median price of a home in the second quarter jumped to $249,900, a 4.1 percent increase from last year.
The following are the Top 10 locations in Delaware County where the median price of a home increased the most from the first quarter of 2016 to the first quarter of 2017:
- Folcroft (63 percent)
- Darby (44 percent)
- Chester (40 percent)
- Wayne (18 percent)
- Clifton Heights (18 percent)
- Wallingford (17 percent)
- Glen Mills (16 percent)
- Norwood (15 percent)
- Lansdowne (13 percent)
- Prospect Park (13 percent)
Click here to read more about the suburban Philadelphia’s recovery in the real estate market in the Philadelphia Inquirer.