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Real estate values continue to decline

Philadelphia continues to perform other housing markets, probably because we were less overvalued over the past few years.


According to the latest analysis by Wharton and Econsult economist Kevin Gillen, the typical Philadelphia home fell in value by an average of 3.3% on a quality- and seasonally- adjusted basis. When added to previous price declines, Philadelphia house prices are cumulatively down 10.1% from their market’s peak of just over eighteen months ago.

Price changes across the city’s neighborhoods were almost all negative, and no areas showed any meaningful increases. From lowest to highest, the price changes by neighborhood are: South Philadelphia (-8.6%), West Philadelphia (-7.2%), Center City/Fairmount (-6.0%), Lower Northeast Philadelphia (-3.3%), Northwest Philadelphia (-3.0%), Kensington/Frankford (-2.0%), Upper Northeast Philadelphia (-0.6%), University City (+0.5%) and North Philadelphia (+0.7%).

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