The Philadelphia Mastermind Group had the opportunity to learn about the trends in the Philadelphia housing market from Kevin Gillen, Senior Research Fellow with The Lindy Institute. He discussed the single family, condo and rental markets in the city of Philadelphia, illustrating historical growth rates and showing comparisons with other cities and the suburbs. He describes current times as the golden age for Philadelphia with economic indicators such as the housing market at their best levels since the 1920s. With the historic rebound, home prices have erased all losses from the recession and are at an all time high – 22% higher than 2007. While the rental market has softened, the current building boom has outpaced any other building boom in living memory with 3000 new rental units in Center City alone.

He also discussed proposed policies and the possible impact on the real estate market’s growth. Discussion centered on tax abatement which helps builders bridge the gap between Philadelphia and other large east coast cities as it relates to profitability due to building and construction costs.