Perhaps the most telling indicator of Philadelphia’s growth is the surge in sales volume in many of Philadelphia’s historically overlooked neighborhoods. The number of sales in Philadelphia’s 19132 zip code — representing Strawberry Mansion, Swampoodle, and parts of North Philadelphia — skyrocketed 110 percent in the spring, compared with the year before. Over five years, the number of sales in that zip code has jumped 351 percent.
For real estate agent Tim Brogan, of Coldwell Banker Preferred, the surge in sales in places such as Strawberry Mansion, West Philadelphia, and neighborhoods north of Kensington is no surprise and marks that slow expansion of investment citywide. As more local and New York City-based real estate investors have descended on the city in search of cheap properties and large paydays — Philadelphia is one of the most profitable markets for flipping homes — many have looked at long untouched neighborhoods, where land is cheaper and opportunity plentiful.
“I answer the phone as often as I can, and often it’s investors trying to get info on these neighborhoods,” Brogan said, speaking of the city’s Fairhill and Ludlow neighborhoods, where the number of sales jumped 45 percent and 29 percent, respectively, in the last year. “It’s really investors that are pushing these markets.”