It’s no secret that Philadelphia is a seller’s market, with home inventories at a 15-year low and median home prices on the rise. But while competition might be getting fierce, there are a still a few neighborhoods in Philly that are ideal for first-time buyers. Here are five of the best Philadelphia neighborhoods for new homebuyers.
1. Lower Moyamensing
While many first-time buyers might feel priced out of trendy Passyunk Square or East Passyunk Crossing, where even fixer-uppers are selling for over $200,000, Lower Moyamensing has a lot of similar amenities to offer at a lower price tag. Located in South Philly, from Snyder Avenue to Oregon Avenue and from 7th street to Broad Street, Lower Moyamensing — or “LoMo” for short — has plenty of options.
An active civic organization regularly plans events and holds monthly meetings to keep residents up to date on the neighborhood happenings and to give them a chance to express their opinions about recent developments. The town has plenty of parking and is well-served by public transportation, with the Broad Street Subway running along its western border.
Plus, homes in LoMo are still relatively affordable: The median home value is $144,340, which is significantly lower than the 255,000 price tag in popular neighborhoods like Fishtown and Germantown.
Located just above the Fairmount, or the Art Museum neighborhood, Brewerytown has experienced a great deal of change in recent years, but it’s still one of the best Philadelphia neighborhoods for new home buyers. The median home price here is just under $110,000, and along with being affordable, Brewerytown provides access to several key amenities. One amenity includes that the neighborhood is served by a Septa trolley route, which goes to Fishtown, as well as several bus lines.
Grocery stores are also accessible, with an Aldi located on Girard Avenue in the heart of the neighborhood and a Whole Foods market a short drive or bus ride away.
3. Port Richmond
Fishtown might be the cool kid among the River Wards — a group of neighborhoods located along the Delaware River in the lower northeast section of Philly — but Port Richmond, its northern neighbor, has a lot to offer new buyers. For starters, the median home price for a three-bedroom, one-bath property in the neighborhood is just $165,000.
Port Richmond is mostly a residential area, although it does have several restaurants and cafes, such as New Wave Cafe, which offers up traditional Polish pierogies by day and transforms into a nightclub once the sun goes down. The main public transportation option in the neighborhood is the Route 15 trolley, which runs west towards Brewerytown.
4. Gray’s Ferry
Although the ferry it’s named for is long gone, Gray’s Ferry has recently become one of the most up-and-coming neighborhoods in Philadelphia. It’s also one of the most affordable locales, with the average sales price at a mere $94,000.
But price is just one thing that makes Gray’s Ferry attractive for first-time buyers. There’s also Gray’s Ferry Crescent, a park located along the banks of the Schuylkill River that provides some peace and quiet within the busy city. Although the Crescent is part of the Schuylkill River Trail, it’s still cut off from the rest of the trail, giving residents of the neighborhood a true sense of ownership of the park and the feeling that the Crescent is their secret.
5. Cobb’s Creek
Cobb’s Creek is located on the western edge of the city, adjacent to a park of the same name. Its affordable prices, access to public transit and quick connections to other areas of Philadelphia and the adjoining suburbs make it one of the more attractive neighborhoods for new buyers. It also offers unique architecture and historical housing, as a significant number of the houses in the neighborhood were built in the early 20th century and are listed on the National Register of Historic Places today.
Philly’s housing market might be more competitive today than it was in years past, but there are still plenty of neighborhoods that are welcoming for new or first-time buyers. Check out Owners.com to discover your new home and neighborhood in Philadelphia today.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Owners.com, Altisource or any other Altisource® business or entity. The foregoing content is not intended to constitute, and in fact does not constitute, financial, investment, tax or legal advice by the author, Owners.com, Altisource or any other business or entity.
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