The number of investor-bought homes has skyrocketed in Greater Philadelphia, with the metro area seeing the largest increases in investor purchases in the nation.
Investors bought some $349.5 million in homes in the Philadelphia area during the first quarter of the year with 1,898 purchases. That was a 55% spike in the number of investor purchases compared to the fourth quarter of 2021 and a 116% jump year-over-year, according to a recent report from Redfin Corp. Both increases were by far the biggest among the 40 metros analyzed by the Seattle-based real estate company. Virginia Beach had the second-highest year-over-year increase nationally at 68.5%.
In total, investors purchased about 19% of the homes sold in Greater Philadelphia from January to March this year, with some ZIP codes seeing investors account for 50% or more of home purchases. The median sale price for homes bought by investors in the metro area was $125,000.
For the full story, click here to read it on Philadelphia Business Journal.
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