The Inquirer confirms Philadelphia Home Prices "Stable"
March 23rd, 2010 | 
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The Philadelphia Inquirer noted that according to a new report by IHS Global Insight the Philadelphia Real Estate median home price was only $1,000 higher at $228,300, in 2009 than it was when real estate values began bubbling at the end of 2005.
In 2005, IHS Global Insight considered the region’s median price overvalued by 17% while today’s price is undervalued by 1.1% even though the difference is only $1,000.
Philadelphia’s total housing stock increased by only 2% in last decade (the largest increase since WW II), while Sun Belt cities increased almost 30%, the national increase was 10%, and Philly”s suburbs was 9%.
It was postulated that if prices remain stable into the summer when the $8,ooo home credit expires, it will be safe to say we Philly prices hit rock bottom.
One of the main factors to Philadelphia Real Estate‘s stability is due to the area’s huge share of colleges, hospitals, law firms,and pharmaceutical companies, which helps keep a steady stream of professionals moving to and from the region.
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Great article, Georgine. I think now most areas of the US have scraped the bottom and are on the way up. I know for us here in Maui, we have begun to experience a slight (very slight) increase in sales price, but the quantity of units moved is increasing dramatically. With a 5-6 month inventory, we are in a transitional phase. Looking forward to keeping abreast of Philly news.