Real Estate Prices in Yardley, Newtown & Bucks County…where are we?
Saw a really intersting article this morning, by Alan Heavens, the terrific real estate columnist in the Philadelphia Inquirer, about where real estate prices are in the Philadelphia region today, compared with many other parts of the country.
What this article explained, is consistent with what I have been telling people ever since the real estate bubble burst, which is, that our area has not been impacted anywhere nearly as badly as many other parts of the country.
Based on a report by IHS Global Insight, median real estate prices in the Philadelphia region, in the 4th quarter of 2009, were almost exactly where they were in the 4th quarter of 2005. ($228,300 in 2009, vs. 227,300 in 2005)
The following were comparisons in other major metropolitan areas:
- Los Angeles 525,100 in 2005 Vs. 368,600 in 2009
- Las Vegas 287,000 in 2005 vs. 123,000 in 2009
- Miami 281,300 in 2005 vs. 180,500 in 2009
- Boston 359,300 in 2005 vs. 315,400 in 2009
- New York 496,800 in 2005 vs. 456,300 in 2009
- Chicago 294,400 vs. 210,700 in 2009
- Detroit 113,200 in 2005 vs. 71,800 in 2009
- Washington 399,000 in 2005 vs. 326,600 in 2009
- Phoenix 242,100 in 2005 vs. 146,500 in 2009
Iwould suggest, that real estate values in most parts of Bucks County, including Yardley and Newtown, are consistent with pricing trends in the Philadelphia metropolitan area.
I believe that our area did not experience as wild an upswing, when the market was rising, as some of the more speculative areas in the country, like Florida and Arizona, and as a result, as prices have fallen, our drop has not been as dramatic, either.
I also agree with the article, that mentioned that Philadelphia is a stable area, where people grow up and remain. I think the same is true of Bucks County.
We also have a diverse, and relatively stable job market. From a logistical perspective, folks in Yardley and Newtown, commute in many different directions, so if a job is lost in one city, it is possible to find something in another city, without requiring a move. Many people commute to both New York and Philadelphia from Bucks County.
If you have a chance, check out the article and let me know what you think. Click this link to the Inquirer article.
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