The businesses that continue to pop up along East Passyunk Avenue between Broad and South streets are obvious signs of what real estate agents have been saying for a while: The neighborhood just south of Center City is one of the city’s hot spots.
Homes in the 19148 ZIP code, which encompasses much of neighborhoods known as Queens Village and Pennsport, have increased in value almost as quickly as they’ve gone on the market. The median sales price is up 18 percent from May 2009 to May 2010, according to Trulia.com
“The stretch of East Passyunk Avenue has seen a lot of young professionals [setting up] coffee shops, arts galleries; and it’s attracting other young people,” real estate agent Mike McCann of Prudential Fox and Roach said. “It’s one of the hot spots for the entire country.”
The evolving business corridor is fueling the rising sales prices for the tightly-built communities both north and south of the diagonal-running Passyunk Avenue. But, McCann said, the location — it’s only a few blocks east of the Delaware River — has helped attract young couples who work downtown, and can afford homes typically from the mid-$100s to high $200s.