Housing stock in Newbold is dominated by two-story brick rowhouse structures, but also includes some three-story rowhouses as well as several larger three-story apartment buildings.
Housing values are highest along the Broad Street edge and the Wolf Street edge of Newbold to the east and south, respectively. The average residential sales price in the previous 24 months is $119,000, with properties on the market for an average of 44 days before going under contract. This excludes properties that have a commercial space component, multifamily dwellings, “Sheriff Sale” properties, and statistical outliers. The average residential property in Newbold is a three bedroom, one bath attached rowhome. Detached dwellings are rare.
Figure 1 illustrates average housing values by block, based on sales data referenced above from the previous 24 months. Blocks with no color assignment lacked a sufficient number of sales to produce an average sales price.
Within Newbold, the occupancy and vacancy rates are fairly consistent with the average rates for the city of Philadelphia. the number of housing units that are owner-occupied is 56 percent compared to 59 percent in the city. In terms of housing vacancy, Newbold shows a 9 percent rate, which is slightly lower than the city average of 10 percent (Fig. 2).
Figure 3 indicates the percentage of occupied units that are owner-occupied for each block group. The southwest area of the map shows the highest percentages of owner occupied units, with lighter shading in the northern part of the area showing a lower rate of owner occupied units. Most of the block groups in Newbold have a 64 percent or less owner-occupied rate.
Over the last several years, Newbold has seen residential investment consistent with the housing boom that has taken place both in Philadelphia and the rest of the country. The tax-abatement program in Philadelphia now includes residential rehabilitations in addition to new construction. This program has been particularly important for this neighborhood, as there is little undeveloped land for new construction here. Rehabilitated residential properties that were originally purchased within the past 24 months and have since been renovated, relisted and placed under contract have shown a 137 percent increase, on average, in sales price. This also indicates that buyers are willing to pay a significant premium over the average selling price for properties in the subject area that are in excellent condition. Armed with that knowledge, rehabbers can confidently look at many of the available properties in the area that priced well below the average and are currently structurally sound but in otherwise undesirable condition as strong investments for cosmetic repairs and resale.