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January 27, 2016

Report: Temple neighborhood saw biggest real estate bump in Philly in 2015

Area around university saw big jump in both price and number of homes sold

Temple University may be sitting in one of the hottest real estate markets in Philadelphia, as data shows that ZIP code 19122 saw a huge jump in both the number of homes sold and their price in 2015.

No other ZIP code in Philadelphia saw home sales increase so fast in 2015, according to the latest real estate data from Berkshire Hathaway HomeServices Fox & Roach, Realtors. The number of homes sold went up by 43.9 percent, and the median sales price jumped from $150,000 to $234,900 in a single year.

The ZIP code covers the area east of Broad Street but west of the River Wards, bordered by Susquehanna Avenue to the north and Girard Avenue to the south. Overall, 177 homes were sold there in 2015, compared to 123 the year before and just 91 in 2012.

Growth is not limited to a single area of the city, as the top five neighborhoods with the biggest percent increase in sales were all over the map. Here's how much home sales grew in some of the top ZIP codes:

19150 (Northwest Philadelphia/Cedarbrook): +41.6 percent

19132 (Strawberry Mansion): +35 percent

19139 (West Philadelphia, beyond University City): +29.6 percent

19125 (Fishtown/Kensington): +28.3 percent

Overall, home sales in the entire Philadelphia area are doing well — prices are up, more homes are being sold, and those homes are getting snatched off the market faster.

To illustrate the point: Total sales in the city and surrounding counties increased by 12.7 percent from 2014 to 2015, reaching the highest point in four years. The median sale price went up by $3,000 to $215,000, and homes stayed on the market an average of 75 days, which is four days less than the previous year's average. Compare that to 2012, when homes in the region stayed on the market for an average of 98 days.

To find out more about home sales in your neighborhood, check out the data here.