Haddon Heights
REAL ESTATE
Developer Switches Gears With Former Rite Aid Site in Center City from Apartment to Retail Project
Trammell Crow is no longer planning to develop an apartment in the former Center City Rite Aid on Walnut Street, instead opting for a retail space. Plans to construct a mid-rise apartment building on the western border of Center City have been scrapped and instead, the owner of the site is looking for a retail tenant for the existing single-story building, writes Paul Schwedelson for the Philadelphia Business Journal.
Gladwyne Estate Once Owned By Campbell Soup Heir Now Off the Market
Linden Hill, the Gladwyne property that previously served as Campbell Soup heirs' estate for several decades, has been sold at an auction. The iconic Gladwyne estate that was once home to a Campbell Soup heir has been sold at an auction, writes Lisa Dukart for the Philadelphia Business Journal. This...
See homes sold in the Cherry Hill area, June 3 to June 9
The following is a listing of all home transfers in the Cherry Hill area reported from June 3 to June 9. There were 10 transactions posted during this time. During this period, the median sale for the area was a 1,064-square-foot home on Spruce Street in Haddonfield that sold for $490,000.
See homes sold in the Gloucester City area, June 3 to June 9
The following is a listing of all home transfers in the Gloucester City area reported from June 3 to June 9. There were 1 transactions posted during this time. During this period, the median sale for the area was a 2,011-square-foot home on Market Street in Gloucester City that sold for $227,000.
Home Prices Continue to Climb in Chester County
The housing market continues to favor sellers as home prices in Chester County and the entire Philadelphia region reached new heights in May. The housing market continues to favor sellers, with home prices in Chester County and the entire Philadelphia region reaching new heights in May, writes Ryan Mulligan for the Philadelphia Business Journal.
Philadelphia's homebuying power has dropped drastically
Homebuying power in the Philadelphia metro decreased nearly 65% from 1970 to 2022, per Axios' Rahul Mukherjee's analysis of a new RealtyHop study.Why it matters: Buying a house is far less accessible today than it was for previous generations.How it works: Homebuying power is the ratio of annual income versus average house price in 1970 (when boomers started buying starter homes) compared to 2022.By the numbers: Housing has become 2.83 times more unaffordable for families in Philadelphia since 1970, per the report.Over that same time, home values in Philadelphia skyrocketed from $10,600 to more than $215,000 in 2022.The median family income in 1970 was about $9,300 compared to $67,168 in 2022, per the report.The big picture: The largest affordability gaps are along the West Coast, with all five of the least affordable cities in California.Meanwhile, the Midwest has remained the most affordable region for homebuyers. Of the 117 cities included in the study, Detroit is the only one where buying is easier today than it was 50 years ago.Reality check: Mortgage rates were in the double digits in the 1970s and 80s. Today they're hovering around 7%.
See all homes sold in Winslow, June 3 to June 9
The following is a listing of all home transfers in Winslow reported from June 3 to June 9. There were 18 transactions posted during this time. During this period, the median sale for the area was a 1,872-square-foot home on Nashua Drive in Sicklerville that sold for $370,000. Berlin. 47...
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