Pennsylvania is a large and diverse state where you can find almost anything on the real estate market. There are two major cities, Philadelphia and Pittsburgh, and several affluent suburbs. There are also smaller cities and rural areas. There’s certainly something for everybody looking for real estate in Pennsylvania, but it’s also a market that’s seen its share of difficulties as Pennsylvania has been slow to recover from the 2008 housing decline. At Cliffco Mortgage Bankers, we’re in the business of helping people navigate their way through the real estate market. We want our clients to understand what’s happening and we know that many of them are interested in buying property in Pennsylvania. So we want to let you know what the state of the real estate market is in the Keystone state.
Pennsylvania Real Estate by The Numbers
According to Zillow, the median home value in Pennsylvania for the first quarter of 2017 is $159,500. Prices have gone up 4.1 percent over the past year and the average length of listing on Zillow was 122 days.
Foreclosures remain an issue in the state, with the number of foreclosures in Pennsylvania listed at 2.4 per 10,000 homes. That’s higher than the national average of 1.6 per 10,000 homes. The percent of Pennsylvania homeowners that are underwater on their mortgage is 0.1 percent. In 2016 there were 137,526 closed sales in Pennsylvania, according to the Pennsylvania Association of Realtors.
Hot Markets and Trends in The Keystone State
In February 2017, the website Penn Live listed the hottest real estate markets in the state, according to realtor.com, which listed the area of the state where homes are selling the most by zip code. They are:
- King of Prussia 19406
- Willow Grove 19090
- Philadelphia, Rhahnhurst and Lexington Park 19152
- Pittsburgh, West View 15229
- Plymouth Meeting 19462
- Horsham 19044
- New Holland 17557
- Broomall 19008
- Elton 19341
- Pittsburgh, Beechview, Ridgemont 15216
- Levittown 19055
- Philadelphia, Bustletown 19115
- Oreland 19075
- Lafayette Hill 19444
- Prospect Park 19076
Taking a look at the market in one of Pennsylvania’s two largest cities and its suburbs, Philadelphia Magazine looked into several emerging trends for the City of Brotherly Love in the near future. One trend that several experts commented on involves how a change in work habits affects the real estate market. People are spending more of their time at or around their office.
“It’s no longer about driving into the office in the office park and keeping your secrets secret,“ said Jennifer Vey, fellow and co-director of the Bass Institute on Innovation and Placemaking at the Brookings Metropolitan Policy Program. As a result office parks are being redesigned in King of Prussia to become more like all day environments like you see in the city.
Meanwhile, Philadelphia has the benefit of an existing infrastructure to attract younger home buyers. “Philadelphia really does have some foundational attributes that position us well going forward: our location between Washington and New York, our public transportation system, the third largest downtown population in the United States. All of these have combined to turn Philadelphia into an 18-hour city,” MSC Retail Managing Principal Douglas J. Green said.
Cliffco Can Help You Know Your Mortgage Options
There is a lot going on in Pennsylvania, especially near the cities of Pittsburgh and Philadelphia. Cities and nearby suburbs are attracting young homeowners, but at the same time, the state is still dealing with a fair share of foreclosures. Hot markets can be found and bargains can also be found. If you’re looking for property in Pennsylvania, Cliffco Mortgage Bankers can help. We’ll let you know your mortgage options. Contact Cliffco today.