19076, Prospect Park, PA

Prospect Park, Pennsylvania is located in the Philadelphia metropolitan area. The zip code 19076 has a population of approximately 10,000 people. Home prices in Prospect Park have increased significantly over the past few years, reaching a median sale price of $269,900 as of February 2017. This represents an increase of more than 120% from the median sale price of $117,500 recorded in February 2013.

The main drivers of home prices in Prospect Park appear to be strong demand and limited supply. Many homeowners in Prospect Park are young professionals who have benefited from increasing incomes and stable job markets over the past several years. Additionally, many homeowners in Prospect Park are investors who are looking to take advantage of rising home prices and long-term appreciation potential.

Despite these positive factors, there are some potential risks that could affect home prices in Prospect Park over the long term. For example, if interest rates rise or if economic conditions deteriorate significantly, buyers may become less interested in purchasing homes in Prospect Park or may choose to purchase homes elsewhere instead. Additionally, if too many new homes are built within the boundaries of Prospect Park (which is possible given its relatively small population), this could lead to increased competition for available housing and decreased values for existing homes.