The University City District released its “State University City,” the annual report that details increases in house prices, population shifts, and the successes of research, retail and office space in the area. roughly bounded by the Schuylkill River on the east, 50th Street on the west, Market Street / Powelton Avenue / Spring Garden Street on the north, and Woodland Avenue / University Avenue on the south.
The report includes data from 2020 (and some employment data from 2021) and shows a substantial increase in the area of âânew construction and renovations in 2020 after a steady decline in construction since 2016.
This increase in overall construction is attributed to college and residential buildings on the University of Pennsylvania and Drexel University campuses, offices near universities – particularly along Market Street – and several residential buildings on the along Chestnut Street, between 40th and 45th streets.
The number of large residential projects in the district is helping fuel what analysts say could be a banner year for rental unit construction in Philadelphia this year.
The Spruce Hill neighborhood continued to be the most expensive in the region with an average home value of $ 625,000, according to the report, nearly triple the median price for the city as a whole.
Median home prices across the district climbed $ 7,800 between 2019 and 2020 to reach $ 432,800.
The median rent in the district is around $ 2.10 per square foot.
Jobs from some of College City’s biggest employers – universities, Philadelphia Children’s Hospital, etc. – exploded in 2021. Offers of nurses far exceeded other vacancies among the largest employers. âEducational Servicesâ and âHealth Care and Social Assistanceâ accounted for nearly 8 out of 10 jobs in the District.
The report does not include demographic information related to race or ethnicity.