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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Walnut Hill, a diverse neighborhood in Philadelphia, Pennsylvania near the University of Pennsylvania, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates declined while average home prices increased substantially, reflecting broader urban trends and economic factors. The homeownership rate in Walnut Hill decreased from 28% in 2013 to 22% in 2022. During the same period, average home prices rose dramatically from $102,096 to $257,079, representing a 151.8% increase. This inverse relationship between homeownership rates and rising home prices suggests that as property values increased, it became more challenging for residents to afford home purchases. The period between 2015 and 2019 particularly highlights this trend, with homeownership falling from 32% to 25% while average home prices surged from $133,913 to $210,336, a 57% increase in just four years. Federal interest rates have also played a role in these housing market dynamics. From 2013 to 2016, interest rates remained low (0.1% to 0.4%), and homeownership rates in Walnut Hill were relatively stable (28% to 32%). However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined more rapidly, dropping from 31% to 25%.
The rental market in Walnut Hill has shown its own distinct trends. The percentage of renters increased from 72% in 2013 to 78% in 2022. Average rent prices also rose during this period, from $927 in 2013 to $1,058 in 2022, an increase of 14.1%. The most significant jump in average rent occurred between 2016 and 2017, rising from $955 to $1,033, coinciding with a slight increase in the renter population from 68% to 69%.
In 2023 and 2024, Walnut Hill's housing market showed signs of stabilization. The average home price in 2023 was $247,673, a slight decrease from 2022, but it rebounded to $250,811 in 2024. This modest fluctuation occurred against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.
Looking ahead, predictive models suggest that average home prices in Walnut Hill may continue to rise moderately over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. These projections assume continued economic growth and sustained demand for housing in the area.
In summary, Walnut Hill has experienced a significant shift towards a renter-majority population over the past decade, coinciding with substantial increases in both home values and rent prices. The neighborhood's proximity to educational institutions and urban amenities continues to drive demand, suggesting that these trends may persist in the coming years, albeit at a potentially more moderate pace.