So many dynamics impact our local market. It’s not entirely fair to point the finger at transplants from New York for driving values higher as cited in a recent article from Philadelphia Business Journal;
- New Yorkers keep moving to Philadelphia, and local realtors say the influx has ‘raised the bar‘ – Sept. 8, 2022
Out-of-towners are driving up home prices and pricing out locals in Philadelphia with an average maximum budget that’s 39% higher than that of residents, according to a report from Redfin. That’s the largest disparity in the nation.
Philadelphia is seeing an influx of residents seeking more affordable home prices from traditionally expensive locations like New York, Washington, D.C., and California. Those transplants looking to relocate to the area have $166,000 more to spend, on average, than local homebuyers, a Redfin analysis shows.Philadelphia Business Journal
What’s not covered in the story are the many complexities of our current economy and market shifts. It’s dangerous to try to analyze today’s real estate market based on only one phenomena or statistic. There are literally multiple realities overlaying and impacting each other as noted in my blog post below:
New York City to Philadelphia;
The move from New York City to Philadelphia is not a new phenomena. We have long been considered the “6th borough” with a big draw for med / tech / ed professionals as well as New York buyers looking for a better value.
For instance in the video posted here, my clients who purchased new construction in Northern Liberties almost 10 years ago tell their story of why Philly?
Center City neighborhoods like Rittenhouse Square continue to be a prime location for pied-a-terra condos as well as a destination for cosmopolitan living with easy access to Manhattan via nearby 30th Street Amtrak Station.