How resilient is the Philadelphia, PA housing market?

While the US residential housing market is recovering on a steady trajectory, the market still has not recovered to its pre-recession highs. The median home value in US is still only 86% of the nation's pre-recession high, and only 34% of homes have had their values surpass their pre-recession peak values, according to Trulia.

The Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metro area follows the trend, only with median home values reaching only 80% of pre-recession peaks.

As a company providing lawn service to homes in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, it is in our best interest to fully understand and track all changes within the region's housing market. So we decided to publish some of our research so those interested can better understand the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD housing market.

Methodology

We took historical data of Zillow's Housing Value Index - a measure for median home value - and adjusted the index for inflation using the Consumer Price Index (All Items Less Shelter), as recommended by the FHFA. We collected data at nationwide, state, metro and city levels.

From there, we compared current home values to their pre-recession peaks to understand how resilient the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD area is relative to Pennsylvania, the US, and other metro areas. We summarized the findings in an interactive data visualization, found at the bottom of the page.

Key Findings

• The median home value in Philadelphia-Camden-Wilmington, PA-NJ-DE-MD has reached $219k - 80% of the area's pre-recession peak of $274k.
• In terms of recovery, the region is behind the US and behind Pennsylvania. Home values in these regions have reached 86% and 90% of peak values, respectively.
• Philadelphia-Camden-Wilmington ranks #62 among top 100 metro areas in the country in terms of recovery, and #332 across all metros.
• Of metro areas in Pennsylvania, Philadelphia-Camden-Wilmington ranks #20 in terms of recovery.

Most Resilient Metros in PA

1. Pittsburgh, PA
2. State College, PA
3. Lock Haven, PA
4. DuBois, PA
5. Erie, PA
6. Altoona, PA
7. Bloomsburg-Berwick, PA
8. Selinsgrove, PA
9. Somerset, PA
10. Indiana, PA

Embed this graphic onto your site! (copy the code below) <div style="clear:both"><a href="http://lawnstarter.com/philadelphia-pa-lawn-care/philadelphia-pa-housing-recovery-fall-2017"><img src="https://s3.amazonaws.com/www.lawnstarter.com/housing-recovery-fall-2017/Philadelphia-PA-Housing-Recovery-Fall-2017.png" width="100%" style="max-width:700px" title="How resilient is the Philadelphia, PA housing market? by Lawnstarter.com" alt="How resilient is the Philadelphia, PA housing market? by Lawnstarter.com" border="0" /></a><br><p>This graphic is brought to you by <a href="https://www.lawnstarter.com/philadelphia-pa-lawn-care">LawnStarter Philadelphia</a>.</div>

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Embed this graphic onto your site! (copy the code below) <div style="clear:both"><a href="http://lawnstarter.com/philadelphia-pa-lawn-care/philadelphia-pa-housing-recovery-fall-2017"><img src="https://s3.amazonaws.com/www.lawnstarter.com/housing-recovery-fall-2017/Philadelphia-PA-Housing-Recovery-Fall-2017.png" width="100%" style="max-width:700px" title="How resilient is the Philadelphia, PA housing market? by Lawnstarter.com" alt="How resilient is the Philadelphia, PA housing market? by Lawnstarter.com" border="0" /></a><br><p>This graphic is brought to you by <a href="https://www.lawnstarter.com/philadelphia-pa-lawn-care">LawnStarter Philadelphia</a>.</div>

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Embed this graphic onto your site! (copy the code below) <div class='tableauPlaceholder' id='viz1506165525642' style='position: relative'><noscript><a href='#'><img alt='Analysis ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Ph&#47;PhiladelphiaPAHousingRecoveryFall2017&#47;Analysis&#47;1_rss.png' style='border: none' /></a></noscript><object class='tableauViz' style='display:none;'><param name='host_url' value='https%3A%2F%2Fpublic.tableau.com%2F' /> <param name='embed_code_version' value='2' /> <param name='site_root' value='' /><param name='name' value='PhiladelphiaPAHousingRecoveryFall2017&#47;Analysis' /><param name='tabs' value='no' /><param name='toolbar' value='yes' /><param name='static_image' value='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Ph&#47;PhiladelphiaPAHousingRecoveryFall2017&#47;Analysis&#47;1.png' /> <param name='animate_transition' value='yes' /><param name='display_static_image' value='yes' /><param name='display_spinner' value='yes' /><param name='display_overlay' value='yes' /><param name='display_count' value='yes' /><param name='filter' value='publish=yes' /></object></div> <script type='text/javascript'> var divElement = document.getElementById('viz1506165525642'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='700px';vizElement.style.height='3260px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); </script><br><p>This graphic is brought to you by <a href="https://www.lawnstarter.com/philadelphia-pa-lawn-care">LawnStarter Philadelphia</a>.</div>

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