Over the course of 20 years, a neighborhood can become one of the hottest, or fizzle out in popularity. A new ranking shows neighborhoods with the most dramatic rises and falls in median home value.
Philadelphia has seen the most striking neighborhood rank changes since 1998, according to Trulia's analysis. The Passyunk Square neighborhood's median home value 20 years ago was $39,300. Today? The median home value stands at $341,100, ranked 18th most of expensive out of 88. In metropolitan New York, the Hunters Point neighborhood in Queens had the biggest home value rank change, going from 272nd most expensive to 23rd from 1998 to 2018 out of the 296 metro neighborhoods.
Some of yesterday’s most affordable neighborhoods are now today’s hottest. We wanted to see just how dramatic those changes have been over different time frames in some of the country’s largest metro areas. To do this, we ranked the larger neighborhoods in each metro from most to least expensive based on estimated median home value. We then searched out which had moved up or down most in rank
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
