5 Philly Neighborhoods to Watch as a First-Time Homebuyer
While other cities in America saw a mass migration to the suburbs in 2020, the real estate market in Philadelphia boomed as long-time residents, first-time buyers, and relocating out-of-towners purchased homes throughout the city.
First-time buyers interested in picking up prime real estate in Philadelphia should start browsing for their dream home as soon as possible. Local listings are selling quickly so you need to watch closely if you are planning to buy in 2021. Here is a list compiled of the most searched neighborhoods that first-time homebuyers are focused on right now in Philadelphia.
A commuter-friendly neighborhood, Point Breeze is southwest of City Center. Neighbored by Passyunk Square to the east and Gray’s Ferry to the west, aspiring buyers can get to the vibrant district by taking the Broad Street Line and getting off at Tasker-Morris or Ellsworth-Federal.
Located to the north of City Center, catty-corner from Fishtown across Girard Avenue and Front Street, and bordered by the Delaware River, Northern Liberties is a staple in Philadelphia. Buyers will find some homes with roots to the founding of Philadelphia. But the housing stock of the neighborhood is not just filled with historic rowhomes and former mansions converted into multi-family units.
Prospective buyers looking to close a deal in one of the hippest neighborhoods in Philadelphia have to check out Fishtown. Longshoremen working the historic fishing and shipbuilding industries of Philadelphia used to reside in Fishtown, as the seafront district provided housing close to the riverfront.
First-time buyers persuing houses in Point Breeze should also wander to the north and check out Graduate Hospital. Southwest of City Center, Graduate Hospital is a popular spot for medical workers and students working at the Hospital of the University of Pennsylvania.
The neighborhood has revitalized in recent years as Graduate Hospital is right on the Schuylkill River, making the district a prime location for homebuyers. Philadelphians can expect a real estate market filled with remodeled single-family homes and increasing stocks of newly-constructed, multi-family units near the river.
Just up the Schuylkill River, Philadelphia residents will find the historic and hilly neighborhood of Manayunk. The sloping topography and riverfront access provided the original settlers with an ideal region to build the town.
Today, Manayunk attracts young professionals that desire small-town life while keeping downtown Philadelphia within reach. Buyers exploring properties in Manayunk will find two-story rowhouses neatly arranged down streets, to larger Victorian homes complete with viewing towers overlooking this riverfront neighborhood. Towards Main Street and Cressen Street, prospective homeowners will find industrial-era loft-style condos overlooking the Schuylkill River.
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