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Philadelphia recently landed on the list of the projected top 10 hottest real estate markets in 2023 by a Zillow report. It came in at number 10 on the list out of the entire country. This is great news for both current residents and those considering moving to the city.
The markets that topped the list are characterized by robust projected growth in home values, favorable economic conditions, a relatively high rate of turnover in available properties, and a large pool of potential buyers.
The ranking of the top real estate markets in 2023 by Zillow is determined through evaluating the predicted growth of home values, the speed of the recent housing market, and anticipated shifts in employment, homebuilding, and the number of homeowners.
The housing market overall is expected to continue to cool in 2023 due to higher mortgage rates, but we are starting to see rates come down a bit again and more buyers will get back in the game. The national slowdown has impacted each market a little different and will continue to do so, but it’s expected that Philadelphia will have a year of more growth.
The real estate market in Philadelphia has been on the rise in recent years, and the Zillow report predicts that it will continue to grow in 2023. The median sale price in Philadelphia in 2022 was $266,000, which is relatively affordable compared to other major cities. Additionally, the city has a diverse range of housing options, from historic row homes to modern condos and apartments.
While 2023 might be a good time to buy or sell in Philadelphia, it's important to remember that buying a home is a significant investment. It's important to work with a real estate agent and do your own research to find the right property for you.
Philadelphia has a lot to offer. The city is rich in history, with landmarks such as Independence Hall and the Liberty Bell drawing in visitors from all over the world. It also has a vibrant arts and culture scene, with numerous museums, theaters, and music venues.
In addition to its attractions, Philadelphia also has a strong job market and a diverse economy. The city is home to several major corporations and is a hub for education and healthcare. This, combined with its relatively low cost of living compared to other major cities, makes it an attractive place to live for many people.
Overall, Philadelphia's inclusion in the top 10 hottest real estate markets in 2023 by Zillow is a great sign for the city and its residents. With its rich history, vibrant culture, and strong job market, it's no surprise that more and more people are looking to call Philadelphia home.