With this Real Estate API that we present here, you can discover property prices from Philadelphia.
The median sales price in the Philadelphia area rose from $220,000 to $325,000 in recent months. Homes along noisy interstates like I-76 and I-95, along train lines, and on busy streets are selling rapidly compared to previous years. What do you think is the cause of the desire to buy real estate in a bad neighborhood? The new real estate market realities in an era of the epidemic.
But even before the epidemic accelerated the home market’s recovery from the Great Recession, sales and prices had been increasing nationwide and in the Philadelphia region. 8,400 homes were sold in the Philadelphia metropolitan area in August of 2012; 15,500 homes were sold in August of 2021. The region’s median sales price increased by almost $100,000.
Demand surged at that time as more members of the sizable millennial generation entered their peak years for house ownership. Over the past ten years, low mortgage rates have also increased housing affordability and drawn in purchasers. In 2012, the average 30-year fixed mortgage rate was 3.66%. In the last ten years, that rate, which was already historically low, has decreased much further.
Philadelphia is one of several American cities that have had a “pretty substantial price rise” during the previous ten years. The Philadelphia region’s median sales price climbed by almost 48% between August 2012 and August 2021.
Since Philadelphia’s costs for well-located real estate are so high, many people are also seeking methods to share flats with others. In this case, your monthly room rent would range from $680 to $950. Depending on the area, single renters often pay between $1,130 and $1,670 a month for a room.
Of course, living expenditures go beyond rent because you also need to pay for utilities like water, electricity, gas, heating, and garbage, which collectively cost roughly $165 per month depending on the season.
Use An API
Real estate prices vary due to a wide variety of factors. This is influenced by the area in which the house is located, the type of materials with which it is built, the number of rooms, and more.
All of these are necessary considerations when appraising a home. However, being a basic necessity and such a difficult business, tenants or future owners want to have full confidence in the company with which they are making the transaction.
And this is important for companies to show the accuracy of the price calculation. This is why we recommend Rental Estimate API to get accurate prices for homes in Philadelphia. The type of response is like this:
About Rental Estimate API
Rental Estimate API considers multiple factors when calculating the price. You simply enter in the API the latitude where you are located or your address, and it will provide you with the precise cost of the property.
This guarantees a transparent and reliable real estate business. In addition, you can make beautiful catalogs of the different properties for any app or website where you include this type of information.