Hottest Neighborhoods in Philadelphia
Redfin’s website predicts a section of West Philadelphia will be one of the hottest neighborhoods in Philadelphia during 2017.
Redfin’s annual rankings use data from its website. The data determines which neighborhoods in major U.S. cities are likely to have the most active real estate markets. Each city’s top three “hottest” neighborhoods are picked based on how often users visit home listings in each neighborhood on the site. They also look at how often those listings are sold and how much time they spend on the market.
Spruce Hill topped the rankings for hottest neighborhoods in Philadelphia.
The portion of Spruce Hill stretches from 40th to 46th Street, and from Market Street to Woodland Avenue.
Real estate agent Jimmy Caraway wrote on the Redfin site that Spruce Hill was named “hottest” because of its abundance of large homes with outdoor spaces and proximity to universities:
“Spruce Hill is one of the few places in Philly where you can find large Victorian-style homes with lots of character on nice-sized plots of land. Often in Philadelphia urban neighborhoods, it’s common to see row houses that have no yard, which doesn’t apply to Spruce Hill.” Its most prominent developer was financier Clarence Howard Clark Sr. who died in 1906. He built dozens of rowhouses and donated land for the Walnut Street West Branch of the Free Library of Philadelphia. “In addition to the large beautiful older homes and tree-lined streets, the neighborhood is near both University of Pennsylvania and Drexel University.”
Spruce Hill homes listed on the site sold for a median price of $415,200 and spent an average of 29 days on the market.
Coming in second in the rankings for the hottest neighborhoods in Philadelphia was East Kensington
East Kensington lies north-east of Spruce Hill and was the home of Rocky Balboa. You will find East Kensington located between Erie Avenue to the north, Front Street to the west and Trenton Avenue to the east. The median sales price is $212,000
In third place was Point Breeze. The neighborhood’s borders are 25th Street to the west, Washington Avenue to the north, Broad Street to the east, and Mifflin Street to the south. The Point Breeze neighborhood suffered from abandonment and population decline throughout the mid-20th century. Today the neighborhood looks revitalized from efforts steered by South Philadelphia H.O.M.E.S. Inc. and the Point Breeze Community Development Coalition Inc. The median sales price for homes is $178.000. In the summer of 2016, RealtyTrac, said Point Breeze, zip code 19146, is one of the “35 Best Down-and-Out Neighborhoods to Buy a Home.” I guess that is a compliment.
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