The real estate market for Eddystone Borough PA Homes continues to hold its own.
Located between the City of Chester and Ridley Township/ Tinicum Township just below Philadelphia along the Delaware River, Eddystone Borough continues its historic role as a center of commerce. Settled in the 1600s by the Swedes and then taken over by the Dutch in 1658, this was one of the earliest settled areas along the Delaware River. Originally an agricultural area as seen in Tinicum Township and Chester, it quickly grew into a center of manufacturing as industry grew throughout this area along the Delaware. Eddystone was incorporated from Ridley Township in 1888.
The growth of Eddystone Borough peaked in the twentieth Century with the growth of arms manufacturing and locomotive production. Remington Arms became a major arms manufacturer in the area during World War I. Their plant was built on Baldwin Locomotive Works land and originally manufactured rifles for the British and Russian Troops. These contracts were later replaced by US Government contracts, and the Remington plant ultimately produced almost 2 million rifles with a peak production of 6000 rifles/day before being closed on January 11, 1919. Interestingly, over two thirds of the rifles used in France were produced in the Eddystone plant.
During the same period, beginning in 1906, the Baldwin Locomotive Works built up its production in Eddystone as it moved its operations to this larger plant from facilities in Philadelphia. By 1928, all its locomotive production had been moved to the new facilities in Eddystone and its new Executive Office Building had been completed at a cost of $1,220,000. It quickly became the largest locomotive builder in the United States. Sadly, the company was unable to make the transition from steam to diesel and ultimately closed in 1956.
Today, the former Baldwin Locomotive land houses an office park (including the original Executive Office Building), a PECO generating Station, and various commercial properties. In addition, the Penn Terminals now occupy the property adjacent to the Delaware with their marine terminal and stevedoring services. The balance of the borough is primarily residentail and light commercial.
The Eddystone Borough real estate market has held up very well so far through this downturn. The average home price in Eddystone Borough approximately doubled from around $60,000 in 2000-2002 to peak with an average price of $120,000 in 2007. Since then, pricing pulled back to an average price of $103,000 in 2008 and $109,000 in 2009 year to date. (The 2009 price includes a $205,000 single family home sale).
Activity has also remained fairly constant with Borough sales ranging from a low of 23 homes in 2008 to a high of 34 homes in 2006. There have also been 26 completed home sales so far in 2009 with 3 sales pending. Today, there are an additional 16 homes on the market with an average list price of $110,000. Overall, this was one of the later areas to be impacted by rising prices seen throughout the region allowing it to avoid much of the overpricing experienced in some of the surrounding areas.
Now, the area is redeveloping with a stronger, more stable, and diversified business base including the PECO generating plant, the adjacent Boeing plant in Ridley Township, Harrah's Casino in Chester, and various other manufacturing and business opportunities. With its diversified jobs base, close proximity to Philadelphia, easy access to commuter options by SEPTA and the I-95/I-495 freeways, and affordable housing, the residential market should remain relatively stable.
As always, if you have any questions or need any additional information, please feel free to contact me anytime.
(All statistics per the TrendMLS System and believed accurate but not guaranteed)