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Paschall's Home Values and Ownership: A Decade of Change in a Philadelphia Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Paschall, a Philadelphia neighborhood, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw notable fluctuations in average home prices and rent, while homeownership rates remained relatively stable. These trends reflect broader economic patterns and local market dynamics.
The homeownership rate in Paschall has hovered around 40% from 2013 to 2022, with minor fluctuations. In 2013, the rate was 42%, dropping to 38% in 2018, before rising to 39% in 2022. Concurrently, average home prices saw a dramatic increase. In 2013, the average home price was $46,232, rising to $119,942 by 2022, representing a 159% increase over nine years.
Interestingly, the relationship between federal interest rates and homeownership rates in Paschall does not show a clear correlation. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this neighborhood.
Renter percentages in Paschall have mirrored the homeownership trends, fluctuating around 60% from 2013 to 2022. The highest percentage of renters was recorded in 2018 at 62%, coinciding with the lowest homeownership rate. Average rent prices have shown some volatility over this period. In 2013, the average rent was $931, rising to $987 in 2016, then falling to $907 in 2019, before increasing again to $1,031 in 2021. The most recent data for 2022 shows a decrease to $903, possibly indicating a market correction or increased housing supply.
In 2023 and 2024, Paschall's housing market showed signs of cooling. The average home price decreased from $119,942 in 2022 to $107,498 in 2023, and further to $106,140 in 2024, representing an 11.5% decrease over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling housing market.
Looking ahead, based on recent trends and current economic conditions, we can project potential scenarios for the next five years. If the current trend continues, average home prices in Paschall may stabilize or experience modest growth, potentially reaching around $115,000 to $120,000 by 2029. Average rent prices might follow a similar pattern, potentially increasing to $950-$1,000 per month. However, these projections are subject to various factors including economic conditions, local development, and broader housing market trends.
In summary, Paschall has experienced significant growth in average home prices over the past decade, despite relatively stable homeownership rates. The rental market has shown more volatility in pricing, while maintaining a consistent majority of the housing tenure. Recent data suggests a cooling in the housing market, likely influenced by rising interest rates. The neighborhood's housing market dynamics reflect a complex interplay of local and national economic factors, presenting both opportunities and challenges for residents and potential investors.
