In Philadelphia and across the suburbs, the townhouse market is seeing sales hit record highs as pandemic-fueled buying and a seller’s market continue to propel these sought-after residential properties, the Philadelphia Business Journal reports.
A recent report from real estate data firm Bright MLS put Philadelphia-area townhome sales at an all-time high in May, with 3,804 selling last month across the region. That’s up more than 15% from May 2019, according to the report.
Mo Rushdy of Riverwards Group, a developer focused on the Philadelphia neighborhoods of Kensington, Northern Liberties, Port Richmond and Fishtown, has seen demand for townhomes bloom in the city. Multifamily projects like rentals and condos are increasingly popular among builders in Philadelphia, but investors are now buying up townhouses as rental properties, which has made townhomes with parking a particularly hot commodity, Rushdy said.