Cheltenham and Whitemarsh Township in Montgomery County are among the top ten hottest housing markets in Greater Philadelphia, writes Kenneth Hilario for Philadelphia Business Journal.
According to data from Zillow on 256 ZIP codes in Greater Philadelphia, Cheltenham’s 19012 ranked eight and Whitemarsh Township’s 19444 came in tenth. The rankings are based on overall real estate activity.
The analysis used a composite score to determine the rankings. Whitemarsh Township’s current median home value is $375,000. This is a 6.44 percent increase over last year and an increase of 2.54 percent over five years ago.
Cheltenham’s current median home value is at $219,700. This is a 9.25 percent increase over last year’s data, but down 0.18 percent over the last five-years. The jump in median price is partly due to lower inventory, which has shrunk by over 42 percent since last year.
However, according to the findings, 19146 in Philadelphia was the most in demand ZIP code as of April 30.
“It is by far the most active ZIP code that I sell in,” said Noah Ostroff, realtor at Keller Williams Realty Philly.
Read more about the hottest housing markets at Philadelphia Business Journal by clicking here.