Philly’s Most Competitive Neighborhood For Home Buyers is…
(Photo by Liz Spikol)
Trivia question: What’s Philadelphia’s most competitive neighborhood for home buyers? Point Breeze? East Kensington? Northern Liberties?
Nope. It’s Fishtown — home of gastropubs, record shops, Johnny Brenda’s and lots of new construction. That’s according to real estate brokerage firm Redfin. It found that 31 percent of Redfin offers in Fishtown faced bidding competition, 38 percent were all cash deals and 16 percent of homes were sold for more than the asking price.
It’s part of a national study identifying the most competitive neighborhoods across the country. Think you’ve got competition buying a home in Fishtown? Try Inman Square in Cambridge, Mass., where 96 percent of offers face a bidding war and houses last just a median of seven days on the market.
In fact, no neighborhoods in the Philly area made the top 30 national neighborhood ranking. Those were all neighborhoods in just four cities: Boston, Seattle, San Francisco and Portland.
More stats about Fishtown:
- Median sale price: $245,000
- Average sale-to-list: 97 percent
- % sold above asking: 16 percent
- Median days on market: 53
- Year-over-year growth: 15 percent
- % of Redfin Offers Facing Bidding Wars: 31 percent
- % all cash: 38 percent
Redfin’s methodology was to analyze seven factors based on transaction data from multiple listing services, public records data, and Redfin agents in 30 major metropolitan areas. It analyzed:
- Year-over-year median sale price growth
- Percentage of listings that sold above asking price
- Median days on market
- Average ratio of sale price to list price
- Percentage of sales that were all cash
- Percentage of Redfin offers that faced bidding wars
- Average number of competing offers Redfin agents faced in aforementioned bidding wars
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