Tuesday, March 10, 2009

Philly Is Doin' Just Fine (Part II)

In my prior post, I commented that the new Pew study shows Philly is now considered as desirable a place to live as New York, Dallas, and Chicago.

Philadelphia’s Center City District recently released its latest quarterly digest, noting some more positive figures. Notably, home prices in Philadelphia declined only 10.1% since 2006. Compare that to declines of 11.9% in New York, 12.8% in Boston, 13.7% in Chicago, 32.2% in Los Angeles, 38.3% in Miami, 39.3% in Las Vegas, and 40.6% in Phoenix. In Center City home prices only declined by 1.1%.

Philadelphia is weathering the economy far better than most major cities. That will surely position the city to remain competitive once the economy recovers.

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