Home prices, rents, commercial construction and salaries in the neighborhoods that comprise the University City District (UCD) continue to outpace the rest of the city, according to the annual “State of University City” report issued late last week amid increased concerns about federal policies that could slow down the growth of “Eds and Meds.”

Median home prices in the neighborhoods (including Cedar Park, Spruce Hill, Powelton Village and Walnut Hill), were down slightly in 2024, settling at about $375,000, but the number of home sales was up slightly. Median home prices in Cedar Park jumped about 35 percent compared to 2023 and Spruce Hill continued to have the highest home value at about $550,000.

The median home sale price in Philadelphia was about $200,000 last year.

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The University City District (UCD) has released its annual State of University City report, which highlights different areas of development in the area in the past year, including real estate, employment, demographics, education, healthcare, transportation and more. During the presentation of the report on Thursday, UCD shared the stories of three innovative neighborhood businesses: Renata’s Kitchen, Two Locals Brewing, and Grant BLVD (check out this video).

Here are some most interesting stats from the 2024 State of University City report:

• University City has 55,953 residents, whose median age is 27.6;

• 84 percent of neighborhood residents work in University City, and 72 percent of jobs pay over $40,000 per year;

• 63 percent of residents ages 25+ have a bachelor’s degree or higher;

• The median single family home sale price is $537,000;

• 4,210 units of multi-family housing (apartments) are expected to be developed in the next three years;

• 929 new units of multi-family housing were developed in the past year;

• The number of new construction permits has decreased from 50 to a little over 10 since 2018.

• 57 percent of neighborhood residents do not use cars to commute;

• 24 percent of households’ primary language is not English.

To download the new report, click here. Read about some previous reports in our archives here.

The University City District‘s annual report released this week shows that an upward trend in construction that began in 2021 will icrease dramatically in 2023, with more square footage of commercial and residential development under construction than in any year since the report began in 2002.

The “State of University City,” a yearly snapshot of development trends in the area roughly bounded by the Schuylkill River to the east, 50th Street to the west, Market Street/Powelton Avenue/Spring Garden Street to the north and Woodland Avenue/University Avenue to the south, also shows a slight increase in public transit use compared to last year. But ridership is still roughly half that of pre-Pandemic levels on trolleys and the Market-Frankford Line. Continue Reading

The University City District has released its “State of University City,” the annual report that details home price increases, population shifts and research, retail and office space successes in the area roughly bounded by the Schuylkill River to the east, 50th Street to the west, Market Street/Powelton Avenue/Spring Garden Street to the north and Woodland Avenue/University Avenue to the south.

The report includes data from 2020 (and some employment data from 2021) and shows a substantial increase in new construction and renovation square footage in 2020 following a steady decline in building since 2016.

This uptick in overall construction is attributed to academic and residential buildings on the campuses of the University of Pennsylvania and Drexel University, office space near the universities – particularly along Market Street – and several residential buildings along Chestnut Street, between 40th and 45th Streets. Continue Reading

The University City District this week released its “State of University City,” the annual report that details home price increases, population shifts and research, retail and office space successes in the area roughly bounded by the Schuylkill River to the east, 50th Street to the west, Market Street/Powelton Avenue/Spring Garden Street to the north and Woodland Avenue/University Avenue to the south.

The report includes data from 2019 and shows a decline or levelling off in real estate development in the area, a continued increase in home values and a slight aging of the population compared to 2000. The report does not include demographic information related to race or ethnicity.  Continue Reading

Councilwoman-elect Jamie Gauthier speaking at the “State of University City” event on Wednesday (Photo courtesy of University City District).

City Councilwoman-elect Jamie Gauthier told University City District supporters, staff and board during a speech at the organization’s annual “State of University City” event that she hopes the economic success in the area around the University of Pennsylvania, Children’s Hospital and Drexel University reaches into struggling neighborhoods as well.

“As more cranes go up in this area,” she said to the crowd of developers, donors and supporters of the University City District. “I hope our residents farther out can participate in that growth.”  Continue Reading