The city of Fairmount, Pennsylvania is a unique neighborhood located in Lower North Philadelphia. The area is less than 2 miles north of the Philadelphia Center City district, making it an attractive place to purchase a home. Fairmount is encased by the largest municipal park in Philadelphia, appropriately named Fairmount Park. The Philadelphia Museum of Art, famously known for the Rocky steps, hosts weekly events and concerts which attracts residents from Fairmount and surrounding Philadelphia neighborhoods. Residents of Fairmount appreciate the park, the close access to highways, and the opportunity to venture into the city if desired.
The residential properties in Fairmount are a mix of 2-story and 3-story townhouses, multi-family dwellings, corner mixed-use properties, and a few high-rise condominiums. Most of the homes in the area are over 100 years old, so it is rare to see new construction properties in the area. In fact, the new construction properties account for only 1-5% of the total housing market in Fairmount.
The current median home price in Philadelphia today is $450,000. This median price has remained steady in the area over the last three years. The housing market in the area is considered stable and has remained steady and stable despite the effects of COVID-19. Last month, there were 92 homes listed for sale in the area. The number of homes sold in Philadelphia in August was 26 properties, remaining steady with the 28 homes reported sold in August 2019. The average days a home stays on the market is 48 days.
