Summary. Philadelphia is the largest city in the Commonwealth of Pennsylvania, the second largest city on the East Coast of the United States, and the fifth-most-populous city in the United States. It has a population of over 1.5 million people. Philadelphia is the economic and cultural center of the Delaware Valley, home to over 6 million people and the country’s sixth-largest metropolitan area. Within the Delaware Valley, the Philadelphia metropolitan division consists of five counties in Pennsylvania and has a population of over 4 million. Since the year 2008, Philly Real Estate has expanded not just along the traditional Main Line in communities such as Devon, Narberth, Wynnewood and Bryn Mawr but throughout the areas of South Philadelphia, North Philadelphia, Northeast Philadelphia, Wayne County & even into Cherry Hill New Jersey.
If you call one of the unique Philadelphia Proper neighborhoods such as Fitler Square, Society Hill, Old City or Rittenhouse Square home; then you understand the nuances of city living and the differences in homes and condominiums in these areas and how values can change from street to street. We understand that Philadelphia offers a wide choice of housing alternatives. Each of the neighborhoods as well towns and villages within the area have varying access to the local amenities and accessibility to downtown Philadelphia. As much as people outside Philly like to lump the locations together, each of the towns are unique and care must be taken to evaluate the differences in each area.
Education. School districts and the proximity to the Main Line commuter transit system and highways are often determining factors when new residents begin their search for a home in the area. As such, these factors can have a direct impact on your valuation. Lot size and subdivision amenities are also important to buyers in these markets. Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.
Philadelphia is the center of economic activity in Pennsylvania and home to many Fortune 500 companies, including cable television and internet provider Comcast, insurance companies Colonial Penn, CIGNA and Lincoln Financial Group, energy company Sunoco, food services company Aramark and Crown Holdings Incorporated, chemical makers Rohm and Haas Company and FMC Corporation, pharmaceutical companies Wyeth and GlaxoSmithKline, Boeing Rotorcraft Systems, and automotive parts retailer Pep Boys.
Commerce. Philadelphia’s economic sectors include information technology, manufacturing, oil refining, food processing, health care and biotechnology, tourism and financial services. Philadelphia has shifted to an information technology and service-based economy. Financial activities account for the largest sector of the metro economy, and it is one of the largest health education and research centers in the United States. Philadelphia’s history attracts many tourists, with the Liberty Bell receiving over 2 million visitors a year. All of these economic factors contribute to a unique and ever-changing housing market that requires a distinct local perspective.
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