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hiladelphia's housing market has undergone a significant shift in recent years, with prices skyrocketing and affordability becoming a major concern. For decades, the city's relatively low housing costs were a defining characteristic of its livability and charm. However, as building and buying costs continue to rise, an affordable Philly may be a relic of the past.

    The numbers are stark: a three-bedroom home in East Passyunk that sold for $280,000 over a decade ago now fetches $480,000. In Fishtown, the median sale price has surpassed $400,000, while in neighborhoods like Queen Village and Fairmount, half a million dollars is increasingly the norm.

    This trend didn't always exist. For most of this century, Philadelphia was known for its affordability, allowing young families to thrive and artists to pursue their passions without breaking the bank. The city's housing market remained reasonable, even as costs in other major cities skyrocketed.

    However, post-pandemic changes have altered the landscape. Interest rates and construction costs have soared, while supply has dwindled. Rents in Philly have jumped 26% since 2020, and home prices have risen even further. According to Kevin Gillen, senior research fellow at Drexel University's Lindy Institute for Urban Innovation, $100,000 can barely buy a teardown.

    As the market remains stuck in neutral, homeowners are hesitant to sell, and buyers face stiff competition. Interest rates failed to decrease as expected, exacerbating the problem. The Greater Philadelphia area saw little change in house prices this year, with many would-be buyers struggling to come up with the necessary funds.

    For those who can't afford their dream neighborhood, alternatives abound. From the city to the suburbs and South Jersey, there are more affordable options available. A searchable town-by-town price and sales report for the eight-county Greater Philadelphia area provides a comprehensive look at the market's state.