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:
- Median Home Price: $112,400
- Increase Year-Over-Year: 4.6 percent
- 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
- Median Home Price: $70,000
- Increase Year-Over-Year: 8.2 percent
- Median Home Price: $122,500
- Increase Year-Over-Year: 1.2 percent
Read the full article at Philadelphia Business Journal.