Philadelphia has over one million people who reside in the city. It is currently the sixth-largest city in America. With such a large city, you would expect competition in the real estate market. Are you familiar with cash buyers? You know that we buy houses Philadelphia companies across the city if so. Baltimore is very similar to Philadelphia in many ways, genuine estate. Plenty of homeowners are asking themselves if they can actually sell my house fast Baltimore or will I have to wait. If you live in either city and want to get your home sold fast. Then you will find yourself not having a problem selling your home. Philadelphia is home to just over 50 different neighborhoods. If you are familiar with Philadelphia, you understand this city’s increase. We wanted to give people insight into how intense this market is right now. Baltimore has been making some severe increases as well. Baltimore has over 500,000 people but over 250 neighborhoods. This city has all different types of living. No matter where you find yourself living in the town, you can find plenty of diversity in areas.
Philadelphia North West section
There is not technically a northwest section of the city in Philadelphia. However, if you look at the map of the town, you can see that it slightly branches off into a northwest corridor. What neighborhoods exist up here? You have some of the hottest areas in the city right now and some monumental communities. Roxborough and Manayunk have been some of the most desirable regions of the town for over ten years now. Manayunk was first touched by developers and property investors. Buying cheap property and turning them for a good profit. Tiny little streets filled with hills. Making for a difficult trip in a snowstorm. This area is home to plenty of bars and restaurants and gives an impression of a suburban city vibe.
The prices in houses have ten times the amount they were twenty years ago. It has had such an impact that big-time developers have made their footprint on Roxborough, the neighboring section of the city. The population here has grown from 20,000 people to almost 100,000 residents. The most significant increase in population the city has seen. Neighboring these two areas is Germantown. It is a very historical area. Plenty of older homes dating back to the early 1800s. This area has fallen on some hard times as far as the looks of the neighborhood. Over the past few years, a new generation of homeowners has made their way into this section. The prices of homes have made a dramatic increase. Some home values are rising into the 600,000 dollar range. These are large size homes in Germantown. Some of them stand in close to 4,000 square feet. These homes are ancient compared to the rest of the country.
Northern Liberties and Fishtown
These two areas have seen the most significant increase in home values in Philadelphia. These two neighborhoods sit side by side on the lower northeast side. The advantage these two neighborhoods have is their close proximity to center city Philadelphia. You can make a short trip to every part of the city since you are near interstate 676 and 95. Developers have been building non-stop in both areas. In Northern liberties, prices of a particular home have seen prices slightly over a million dollars. That is a lot of money for a row home. Fishtown is a very tight blocked community. Not too much room for parking or moving around. You could buy plenty of land in this area about ten years ago for very cheap. Now that developers have a strong influence in this area. It has become challenging to buy anything in this area for less than $200,000. There is still more room for this area to develop alongside Delaware Avenue.
The inner harbor is the biggest tourist attraction in the city of Baltimore. It is the lower downtown area that is surrounded by Chesapeake Bay. You can find plenty to do in this area, from restaurants, bars, and the aquarium. If you have not been there, it is highly recommended that you check this part of the city out. There are tons to do and enjoy in this part of the city.
Best neighborhoods in Baltimore
Federal Hill is rated one of the best areas in Baltimore. It overlooks the waterfront in the city. It is considered one of the most historic neighborhoods in the city. With a mix of row homes, condos, and multi-family buildings spread out. There is a large percentage of the town that lives in this neighborhood. Home to plenty of butchers, bakers, coffee shops, and more. Fells point is a hip section of the city. You can find upscale hotels and luxury condos along the waterfront of Fells point. Hampden is considered one of the heaviest gentrified parts of the city. This area used to be filled with middle-class homeowners. But in the past few years, this area has seen some severe increase in home prices.
Increases in city markets
Not only just Philadelphia and Baltimore have seen an increase in gentrification. Cities across America have been experiencing this for years now. New York City saw the first signs of gentrification. Whenever you have a city with room for improvement, you will see changes in that area. You may start to notice stores and shopping centers moving into a space. Then developers and investors begin moving into the region. They will start buying up homes for a low price. If you own a home in a gentrification area, you could be looking at a considerable increase in value. Now not all the time will this be a good thing for homeowners. With a rise in value, you will also see a rise in taxes and rent rates. It can become too much for certain people, and it can force them out of the neighborhood they lived in for a while