Greater Philadelphia region's housing market has not been hit as hard as the U.S., and has fared better than many other Metropolitan Statistical Areas (MSA) where price declines are occurring.
The average price of an existing single family home in the Philadelphia-Camden-Wilmington MSA was 3.3% higher than a year ago, compared to only a 1.8% increase for the U.S., in Q3 2007. For the U.S. the average sales price of an existing single family home in 2007q4 was only 0.8% higher than for the same quarter a year ago (i.e., in 2006q4). In Bucks, Chester, Delaware, Montgomery and Philadelphia counties, housing prices in 2007q4 were 2% higher than a year ago. In Burlington, Camden, and Gloucester counties, housing prices were 1% higher. They were 1.7% higher in New Castle County, DE; Salem County, NJ; and Cecil County, MD). Mercer County recorded the only drop in the region as the average price was only 0.5% lower than in 2006q4. Boston experienced a 2.8% drop in housing prices in 2007q4. Bethesda-Gaithersburg market in Washington D.C. saw a 2.7% decrease. Check out HomExpertReport.com where you will find local real estate data, industry trends and local commentary. View Real Property Tax Rate Table
Select gathered the nominal real property tax rates by municipality and school district . The Rates were then converted to effective property tax rates correcting for differences in assessment ratios in our 11 counties. This enables tax rates and tax levels to be fairly compared across county boundaries. We then estimated the total real property tax payments by municipality, including the school district, for a single family home with an assessed value of $250,000.
Housing Prices and Affordability in the 12 Largest MSAs:
Metropolitan Statistical Area
|
Median Sales Price of Existing Single-family
Home - 2008q3
|
% Change From Year Ago
|
HOI Index Value - 2008q3
|
| Atlanta-Sandy Springs-Marietta, GA |
$151,300
|
-13.7%
|
72.3
|
| Boston-Cambridge-Quincy, MA-NH |
$373,400
|
-10.0%
|
46.5
|
| Chicago-Naperville-Joliet, IL-IN-WI |
$250,800
|
-12.4%
|
47.8
|
| Dallas-Fort Worth-Arlington, TX |
$150,200
|
-2.3%
|
68.2
|
| Detroit-Warren-Livonia, MI |
N/A
|
N/A
|
75.4
|
| Houston-Baytown-Sugar Land, TX |
$160,200
|
2.8%
|
60.4
|
| Los Angeles-Long Beach-Santa Ana, CA |
$391,400
|
-35.1%
|
22.5
|
| Miami-Fort Lauderdale-Miami Beach, FL |
$287,800
|
-16.9%
|
36.9
|
| New York-Northern New Jersey-Long Island, NY-NJ-PA |
$452,500
|
-5.0%
|
16.9
|
| Philadelphia and Trenton MSAs |
$251,700
|
-0.3%
|
43.9
|
| San Francisco-Oakland-Fremont, CA |
615,700
|
-25.3%
|
36.0
|
| Washington-Arlington-Alexandria, DC-VA-MD-WV |
332,700
|
-24.0%
|
49.5
|
| U.S. |
$200,500
|
-9.0%
|
56.1
|
Note: the Housing Opportunity Index (HOI) measure affordability and is the percent of homes for sale that can be afforded by a family with the median income in the MSA.
Sources: National Association of Realtors, November 2008; www.realtor.org; National Association of Home Builders and Wells Fargo Bank, November 2008; www.nahb.org.
Greater Philadelphia has one of the lowest median home prices of the top U.S. metro areas.
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