In a market with historically low inventory and sky-rocketing prices, Welcome Homes creates more options for buyers.
Today, we announced expansion into the Maryland and Philadelphia areas as an alternative to rising prices of outdated housing inventory after successfully launching 40 homes in the New York Tri-State area in early 2021. This expansion is a welcomed next step for the company as we continue our mission towards meaningfully elevating the standard of living for homeowners.
New homes start at $745K in the D.C. metro area, and $805K in the Philadelphia area.
The D.C. and Philadelphia markets are both experiencing a period of historically low inventory and skyrocketing prices, and we are providing a cost-effective alternative to potential homebuyers, with currently over 55 properties vetted and available collectively. The economic shift towards housing consumption was exacerbated by the pandemic as millennials entered into their prime home-buying years, resulting in an increased demand that was not supported by existing inventory.
Research shows consumer demand drove home values up by an average of 23% in the DMV area over the past two years. Similarly, the Philadelphia metro area has been deemed a seller's market as interest in Bucks County, Pennsylvania and southwest New Jersey boom, breaking home value records. This demand is heavily fueled by New York City residents, who find the time-to-city commute shorter than many existing popular markets in New York State, making it an attractive, more cost-effective option for home buyers who are returning to their offices as pandemic restrictions ease.
The average age of a home in the D.C. metro area is 75 years. In Philadelphia, it’s 93 years. Instead of investing in an aging home and spending time and money renovating it into the dream home, we're offering in areas like Cherry Hill, New Jersey; and Bucks County, Pennsylvania; the opportunity to become homeowners while avoiding steep bidding wars over outdated housing stock. We want our customers to have access to homes that match the tone, aesthetics, size, and price of the area while ensuring they receive the best possible value.
Our launch in the Maryland and Philadelphia markets immediately follows a partnership with Fortune 500 company and the largest independent residential real estate brokerage in the United States, Compass, Inc. through our Preferred Agent Program. This program further accelerates our initiative to make home building easily accessible nationwide.
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