Philadelphia, also known as “Philly,” or “The City of Brotherly Love,” is the largest city in the state of Pennsylvania, and the fifth-most-populous city in the U.S with a population of approximately 1.5 million.
Philadelphia is rich in history, and home to many national historical sites related to the founding of the United States. Two of the most famous historical sites are Independence Hall, the site where the Declaration of Independence was signed, and the Liberty Bell.
The city’s major economic sectors include manufacturing, food processing, oil refining, health care, tourism, and financial services. Philadelphia’s gross metropolitan product was $347 billion in 2010, making it the seventh-largest metropolitan economy in the United States. The city is home to Philadelphia Stock Exchange, which was founded in 1790 and is the oldest stock exchange in the United States. Philadelphia is also home to several Fortune 500 companies such as Sunoco, Wyeth, Colonial Penn, Lincoln Financial Group, Boeing, and Comcast, which recently constructed Comcast Center, the tallest building in Pennsylvania.
Philadelphia’s real estate market was not hit particularly hard by the recession, as median sales price of properties has increased consistently since 2003 with no sharp area-wide declines. The Philadelphia market never boomed like many other areas did, and as a result has never hit the lows that other areas have, either. The Philadelphia market isn’t plagued by large amounts of inventory, a major issue that is driving down property values throughout several states. In sharp contrast to the rest of the nation, where property values have sporadically gone up and down in recent years, Philadelphia’s market has been remarkably stable, making it a great market to invest in moving forward.