The suburban population of Philadelphia has been growing since 2010, as investors have spent millions building up new town squares and housing developments and major corporations have relocated out of the city.
But, Philly.com reports that in the 10 years since the housing bubble burst, the median home sale price in the Philadelphia suburbs is down 11 percent, from $242,950 in the early 2007 to $216,000 in 2017. For comparison, home values in the city itself have risen nearly 12 percent from last year.
The housing comeback has been uneven in not just Philadelphia, but across the nation as a whole. City home values have typically outpaced suburban values.
“Urban home values have had a stronger recovery than suburban home values nationwide,” said Aaron Terrazas, a senior economist at the real estate company Zillow. “There has been a preference shift to be close to both jobs and amenities, and that’s associated with urban living.”