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Philadelphia
Everything in the Philadelphia real estate market is growing - demand for properties, sales, and home prices. As for demand, millennials are one of the biggest forces driving the demand for homes in urban areas. Sales of million-dollar homes reached an all-time high in late 2016, in addition to an increase in single-family home sales. Finally, the home price index, which estimates changes in mortgage defaults, prepayments, and home affordability, increased by 10%. While it’s currently a seller’s market in Philadelphia, investors should keep in mind that the median property price is below $350,000, which is relatively affordable given that Philadelphia is the fifth most populous city in the U.S.
Philadelphia is a center for higher education and home to the University of Pennsylvania, an Ivy League university. The economy is also focused on oil refining, manufacturing, and tourism. Airbnb investment properties in Philadelphia show promising projections and is a lucrative rental strategy. Fortunately, short-term rentals in Philadelphia are legal but there are some restrictions to keep in mind.
