Fishtown ‘most competitive’ Philly neighborhood for home buying: Report

Fishtown, like Philadelphia in general, is one of those places you eitherlove or hate. And, according to a new report, it seems a lot of people love it.

Real estate website Redfin, which releases internal researchon a regular basis, reported that of all Philly neighborhoods, Fishtowncomes first as the most competitive. “We determined the ranking by calculating seven factors,” explained Redfin’sAlina Ptaszynski, “including the percentage of homes that sold above asking, the median days on the market” and the number of sales that involved what Redfin calls “bidding wars.”

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Fishtown’s figures are, arguably, impressive.

There, the median sale price was $245,000, which is $30,000 above the median sale price for homes across all ofPhiladelphia. Sixteen percent of Fishtown homes sold above the list price, too, with thosehomes staying on the market about 53 days.

Fishtown homes also saw a 14.5 percent growth in median sale price over the past year.

Perhaps most impressive is that, according to Redfin,38 percent of all home purchases in Fishtown were paid with all cash.