The housing boom rolling across central Philadelphia showed no signs of weakening last year, according to data released Tuesday, but a population exodus could be on the near horizon if little is done to fix the city’s schools and tax structure.
The news was mostly positive out of Center City District’s annual housing report, which found that 1,983 new apartments, condos, and houses between Girard and Tasker Avenues, and the Schuylkill and Delaware River hit the market in 2014, thanks to an influx of empty nesters and young professionals, said CCD chief executive Paul Levy.
That number was down 8.5 percent from the record-breaking 2,168 logged a year earlier. But Levy and his staff concluded that demand for the torrent of new construction of homes and apartments would be strong for at least several more years.
“Property is selling for more. It’s selling more quickly,” Levy said.