Philadelphia recently placed third in a top-10 list of cities with the most homes under $200,000, according to realtor.com®.
In Philly, the median home listing price for a home is $264,000. However, according to data from realtor.com® in September, there were more than 8,500 homes listed in the city for less than $200,000. The research showed there are many condos in “hot” areas of the city, like Rittenhouse Square, for under $200,000.
“The Philadelphia market is fueled by the first-time homebuyer, where there are a multitude of options of homes below $200,000, many of which are still very close to Center City, like Port Richmond, Brewerytown and parts of South Philly,” said Greater Philadelphia Association of Realtors® President Chris Somers. “There are also more options moving further away in Northeast Philadelphia, such as Mayfair and Castor Gardens.”
Realtor.com® Chief Economist Danielle Hale agreed that there are plenty of affordable options throughout the city. “Surprisingly, even in areas you would expect to be super expensive, there are properties that are priced really low,” she said.
Somers added that now is a good time to buy in the city. “Real estate taxes are also still relatively low, which makes the affordability equation that much more powerful as well. With rents increasing year in and year out, the famous question ‘Why rent when you can buy?’ becomes very relevant for a lot of folks, many of whom become homeowners.”
Philadelphia was behind only Chicago and Miami for cities with most homes on the market for under $200,000. Chicago had more than 15,000, while Miami had a little over 9,000.