July 22, 2015
There’s no doubt that the housing market is getting hotter, with the number of homes on the market in Greater Philadelphia up 13.8 percent compared to last year. But is this fire fueled by sales in ritzy central neighborhoods, or does the trend come from increased gentrification in the outskirts of the city?
The answer is: both.
We looked at median sales prices to see which zip codes shot up in housing costs, comparing the first six months of 2015 to the first six months of 2014.
As data from BHHS Fox & Roach, Realtors shows, the Philadelphia County zip codes that had the biggest jumps in median sale price this year included both the high rises of Center City and more modest homes in North Philly.
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In fact, home prices in zip code 19122 in North Philadelphia shot up by over 50 percent. The neighborhood, which borders Fishtown, Kensington, and Northern Liberties, had the largest increases in price both by percentage and absolute value.
Here’s the list of zip codes where prices went up the most. Whether you grin or shake your head at these numbers depends on whether you're doing the buying or the selling.
1. 19122 (North Philadelphia East): +$85,500
Median price of properties sold went up 53.4 percent from $160,000 to $245,500
2. 19107 (Center City): +$62,500
Prices went up 21.6 percent from $290,000 to $352,500
3. 19103 (Rittenhouse Square): +$55,000
Prices went up 12.4 percent from $445,000 to $500,000
4. 19119 (Mt. Airy): +$40,000
Prices went up 17.4 percent from $230,000 to $270,000
5. 19137 (Bridgesburg/Port Richmond): +$23,000
Prices went up 23 percent from $100,000 to $123,000