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Home Values In Greater Philadelphia Area Have Gone Up, And Expected to Keep Rising

Median home values in the Greater Philadelphia region rose 3.3 percent year-over-year to $199,200, according to newly released data from Zillow. The July 2014 study found that the Philadelphia area’s median home value is 13.9 percent higher than the national average of $174,800.

Using its Zillow Home Value Forecast, the company forecasts that home prices in the Philadelphia area will rise 0.9 percent over the next year (July 2014 – July 2015). Nationally, home values are projected to increase 2.7 percent during over the next year.

Here’s how major cities in the region stack up:

 

Philadelphia

  • Median Home Price: $112,400
  • Increase Year-Over-Year: 4.6 percent

Newark, Del.

  • Median Home Price: $200,100
  • Increase Year-Over-Year: 3.5 percent

West Chester, Pa.

  • Median Home Price: $358,600
  • Increase Year-Over-Year: 5.8 percent

Camden, N.J.

  • Median Home Price: $70,000
  • Increase Year-Over-Year: 8.2 percent

Wilmington, Del.

  • Median Home Price: $122,500
  • Increase Year-Over-Year: 1.2 percent

Read the full article at Philadelphia Business Journal.