Philadelphia's job market has continued to grow throughout the last several years, including 2008 -- the period where jobs have been lost across the country, according to statistics from the Bureau of Labor Statistics. During the latest reported period the region's net job growth topped 1,300 jobs. The continued strength in the labor market has kept home prices stable.

Blogger and real estate broker Bill Lublin says, "In Philadelphia, our real estate market has seen some decline in the number of homes sold through the MLS this year, but a remarkable stability in price. Combined with the affordable interest rates available to buyers to day, our city is poised (according to Smart Money Magazine) for a housing recovery."

Interestingly, the majority of the region's job growth has come from immigrant business owners. "Immigrants have accounted for nearly 75 percent of the area's labor growth since 2000 and, when compared to native born, more are employed (73 percent versus 71.5 percent) and self-employed (10.7 percent versus 7.9 percent), according to a new Brookings Institution study, "Recent Immigration to Philadelphia: Regional Change in a Re-Emerging Gateway," as published in the Philadelphia Business Journal.

The 1,300 net new jobs put Philly in the top 6 for job growth in large metropolitan areas for August 2008 (the latest stats available).

Home sales prices are nearly flat in the region (which is actually good news) with median prices of $111,000, according data from Trulia.com.

Meanwhile, inventory has begun dropping over the last couple months, while areas in the central part of Philadelphia have seen home sales increase in the double digits.

Published: December 12, 2008

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