Our friends at the Cartographic Modeling Lab at the U of Penn have updated the neighborhoodBase with sales data from 2006. We all know that 2006 was not a terrific year but Frankford did not do all that bad.
The median sales price of properties sold in 2006 was up $7,000 over 2005 ($72,000 versus $65,000). At the same time the median price for the city overall dropped from $86,000 to $81,000. This is using data for Frankford defined by the U of Penn which can be found on the neighborhoodBase web site.
If you focus on zip code 19124 the result was even more impressive. The 2005 median price was $72,500 which increased in 2006 to $79,000.
Not everyone will see this as good news. With the change in real estate valuation on the horizon this may not be the best time to have your home value increase. But the increase we are seeing is at best the market catching up to the fact we all know, that this is a good place to live and has tremendous potential for the future.
The instability of oil prices will likely give pause to those thinking of moving far out of the city to be locked into a long commute to work. Where better to situate yourself than at a major transportation hub within the city.
Where better then Frankford.
