Are you looking to buy a property in Philadelphia?
Philadelphia is a great city to invest in real estate. It offers an affordable housing market, attractive rental prices, and numerous neighbourhoods that are perfect for investing.
There are many great neighbourhoods to choose from in Philadelphia as the entire city is full of life. From great restaurants to friendly parks and lovely activities like museums and excursions, there's always something to do in Philadelphia, and every area has its unique perks.
In this article, we explore the best neighbourhoods to invest in Philadephia. We look at the pros and cons of each neighbourhood. Whether you're looking for a new place to call home or a new investment property in Philadelphia to buy, we can help.
Real-Estate Market Trends in Philadelphia
Investing in Philadelphia's real estate market can be extremely lucrative. However, it is important to do your research and be aware of current market trends so that you find the best investment decision for yourself and your goals.
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There are also many resources available to help investors understand local market trends. TrustArt Realty can also help you with all of your real estate needs and questions.
Rising Demand for Housing
Over the last decade, there has been a surge of young professionals moving to the city. The influx of new residents has driven up the demand for housing, which has in turn driven up prices.
Rising Average Home Sale Price
The average sale price for homes throughout the city continues to climb. Philadelphia presents a great opportunity for investors looking to capitalize on this trend. As rents continue to increase there's more people looking for a good deal on a rental property and a great landlord to provide a home.
At the same time, there are still pockets of the city where housing prices remain relatively low. Many investors have taken advantage of the lower prices in these areas and have been able to make a significant return on their investments.
Best Neighbourhoods to Invest in Philadelphia
For investors looking to make a return on their investment, Philadelphia real estate can be an excellent opportunity. This city offers a variety of neighbourhoods, each with its own unique features and potential for growth.
Here are some of the top areas to consider when investing in Philadelphia's real estate market:
1. Fishtown
Fishtown is one of Philadelphia's trendiest neighbourhoods, located along the Delaware River. It is home to a vibrant arts and music scene, as well as many local restaurants, bars, and shops.
Fishtown is known for its diverse culture, great restaurants, and unique shopping. It has a lot of new development and is in high demand for real estate.
2. Rittenhouse Square
Rittenhouse Square is one of Philadelphia's most luxurious and desirable neighbourhoods. Located in Center City, it is home to many luxury apartments, high-end shopping, and fine dining.
Rittenhouse Square is a highly desirable area with excellent access to transportation, shopping, and dining. The area is very safe and well-maintained. Due to its desirability, the area's rent prices tend to skew a bit higher, but it's well-worth it for the local amenities.
3. Northern Liberties
Northern Liberties is a lively neighbourhood in Philadelphia known for its trendy restaurants, art galleries, and nightlife. It is a great place to live due to its joyous culture and eclectic mix of people.
The area is also close to Center City and has excellent access to public transportation. Residents enjoy a wide variety of activities, from music festivals to farmers markets. The local parks offer a great escape from the hustle and bustle of city life.
4. South Philly
South Philly is known for its Italian culture, restaurants, and nightlife. It has some of the best parks in the city, with plenty of green space and well-maintained gardens.
It is a great place to invest in real estate as well, as it is a desirable and rising area of Philadelphia. Plus, the cost of living is lower than in other parts of the city. It is a great neighbourhood to explore, with its unique shops, markets, and restaurants.
With its easy access to public transportation, South Philly is an ideal place to live, work, and play. All these factors make it a more affordable place for families and young professionals. For all of these reasons, South Philly is a great place to invest in.
5. Graduate Hospital
Graduate Hospital is a beautiful, historic neighbourhood in Philadelphia. The area is known for its tree-lined streets, historic homes, and local restaurants. The area is also very safe and well-maintained. It is home to various people, including students, professionals, and families.
There are plenty of activities to do in the area, like the popular Schuylkill River Trail, which is perfect for running, walking, and biking. The neighbourhood also has plenty of parks, including the popular Rittenhouse Square.
Finally, the neighbourhood is also home to several hospitals. The renowned University of Pennsylvania Hospital is one of these!
6. Fairmount
Fairmount is a lovely neighborhood located just north of Center City Philadelphia. It is a popular spot for young professionals and families, with a variety of restaurants, shops, and entertainment venues to explore.
There are also several art galleries, museums, and theatres in the area plenty of cultural activities. This neighbourhood is also home to the iconic Philadelphia Museum of Art, which is one of the city’s most popular attractions. As such, this neighbourhood is quickly becoming a hub for creative professionals and entrepreneurs.
Overall, the housing market in Fairmount offers a variety of options at reasonable prices, making it a great place for first-time homebuyers.
7. Society Hill
Society Hill is one of Philadelphia's most desirable neighbourhoods, located in Center City. The nearby shops, restaurants, and galleries provide a unique atmosphere and energy to the area.
With its cobblestone streets and historic homes, Society Hill is a place that truly captures the spirit of Philadelphia. The city has also invested in revitalizing the area, with new developments bringing modern amenities and an influx of new residents.
Bottom Line
Investing in Philadelphia real estate is an opportunity investors should not overlook. With a dynamic rental market and significant growth potential, investors are likely to reap the rewards of investing in Philadelphia real estate.
Before making an investment, reach out to the experts at TrustArt Realty. We can advise on the best locations to invest in and the best strategies to maximize your returns.
We also have extensive knowledge of the real estate market trends. We have access to a wide range of properties throughout the local area. Contact us today to make a sound financial decision.