A classic stone house in a close-in Philly suburb costs $599,000. For further information:
TruliaMedian home price: $224,000
1-Year change through 2010: 5.7%
The largest metro area in Pennsylvania, Philadelphia is an industrial town but a more diversified one than in some of the other Rust-Belt cities. Far from a one-trick pony, the area boasts heavy industry like foundries and machine shops as well as oil refining, health care, financial services and biotech.
Helping to solidify the economy is a concentration of elite educational institutions led by the University of Pennsylvania, Temple, La Salle, St. Josephs, Drexel and Villanova.
The population has been, however, relatively stagnant in recent decades with the city itself losing about a quarter of its residents since 1950. Slack demand for homes has kept prices in check and the area is fairly affordable with a median price of about $224,000, according to Fiserv.
The housing market in Philly seemed to regain its stride in 2010 as prices rose 5.7%, but most of that came early in the year. During the last three months of 2010, the median home price fell 3.5%.
Move.com reports that the decline appeared to halt in early 2011. Days on market went down in March to well below the national median. Meanwhile, expectations of sellers rose: They were asking for 3% higher prices, compared with February.
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