Transplants coming to Philadelphia are looking for affordability

According to real estate The data.

  • Analysts looked at search traffic in the fourth quarter of 2021 to determine who, outside of the metro, is looking for a new home.

Driving the news: Philadelphia has a lot to offer with its robust dining scene, nightlife, walking, arts and culture, but affordability compared to other major metros is a driving force, said local realtor Maria Quattrone.

By the numbers: In December 2021, DC’s midhouse sold for $669,000, and in New York it was $785,000, by Redfin.

  • Mercer County, which encompasses Trenton, had a median price of $320,000.

What they say : Quattrone, who runs it own real estate agency, told Axios that she has noticed an increase in New York City clients used to apartment living. She said the pandemic has inspired many people to go where they can access more space for less money, especially during the rise of remote working.

  • “Now they can live in Philadelphia in a townhouse and yard, which they could never afford,” she said.

Carlos Masip, a Keller Williams Philly real estate agent, said he also saw people from across the country.

  • “Over the last year or so, I’ve represented a lot of clients from San Francisco and Los Angeles because housing is so expensive on the West Coast,” he said.

Yes, but: Philadelphia’s housing inventory continues to decline and there remains a seller’s market.

To note : According to American Community Survey data from 2015 to 2019, most people who move to Philadelphia are still in the metropolitan area.

What to watch: Both Quattrone and Masip told Axios that they see more large-scale investors buying single-family homes rather than first-time buyers.

Tip to get there: Quattrone recommends that sellers and buyers act now as interest rates begin to rise.

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