On the other hand, Marcus & Millichap suggests the North Philadelphia submarket presents a land of opportunity for investors, particularly newer ones. "The median price per unit in the North Philadelphia submarket declined from $29,000 to $25,000 in 2003, as mostly smaller properties sold for between $500,000 and $1.5 million," the Marcus & Millichap report explains. "Prospects for long-term appreciation in this area are high due to entry-level investment prices and a stable renter pool."
On the other hand, the median sales price per unit soared more than 60% to $73,000 per unit in Montgomery County, according to Marcus & Millichap. "Some of this increase is attributable to the mix of properties sold, but a portion reflects buyers' enthusiasm for the western suburbs," according to the report.
That includes Chester County, where vacancy has increased to 7%, Marcus & Millichap notes. Despite more empty units, the prices rose 18% last year to $64,000 per unit, according to the firm's report.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
