How Much Appreciation can West Philly see?
As everyone knows West Philadelphia is one of the most competitive markets in the city. With investors having only hours to make decisions when properties come out, going over ask, and selling generally under 30 DOM. Over the last 5 years, the average home price has increased from 90-190k. Specifically, in the last 1 1/2 years, I've seen the purchase prices for flip/rental properties rise from 85-110k to 110-135k while in conjunction, ARV values have also increased in that same timeframe from 200-220k to 220-250k (obviously depending on the block).
Given the data and the rapid increase in appreciation on top of now houses are starting to steadily sell around the 250 mark, I think we'll see a 275k house around the 57th-55th block within the next 1 1/2 years. What are everyone's thoughts??