It’s called the Keystone State. According to the Old Farmer’s Almanac, Pennsylvania got this nickname because of its geographical location on the East Coast. When builders create an arch, the keystone is the wedge-shaped stone that supports all of the other stones and holds them in place. Pennsylvania was located in the geographic center of the 13 original states just like a keystone.
Cliffco Wants You to Know Your Real Estate Market
At Cliffco, we’ve been looking at real estate markets in various parts of the country so our customers can educate themselves as much as possible about the areas where they’re interested in buying. In a previous post we looked at the northeast and in an upcoming one, we’ll move further south, but we want you to know a little about the keystone of the mid-Atlantic, Pennsylvania.
Pennsylvania by the Numbers
Statewide, Pennsylvania has a median home value of $166,000 as of March, 2018 and home values have been rising, according to Zillow. They’re up 7 percent over the past year and Zillow is projecting that the state’s market will grow 3.6 percent over the next year. Meanwhile, the median price of sold homes was $190,000.
Homes stayed on the market an average of 104 days and 10.1 percent of the homes had negative equity. Statewide, 1.9 percent of homes were delinquent on their mortgage. Among the higher priced markets in Pennsylvania are West Chester with an average value of $375,500, and Bethlehem at $253,400.
A Look at Philadelphia and Pittsburgh
When you’re talking about real estate in Pennsylvania, there are two major cities that stand out. We’re referring of course, to the Philadelphia and Pittsburgh areas. Philadelphia is a hot market, with a $145,291 median home value and according to Zillow, it’s expected to grow 5.3 percent over this year.
According to Curbed, there are several trends that are going to heat up the Philadelphia market. The city is expected to see a lot of new construction in 2018 with much of it coming in the luxury rental market. Millennials are moving to Philadelphia in high numbers, but Baby Boomers who are seeing adult children move out are downsizing and starting to move into the area as well.
Meanwhile, Pittsburgh is also hot, according to Zillow. The Steel City has a $135,465 median home value and the market is predicted to grow this year by 6 percent. According to the Real Wealth Network’s website, Pittsburgh is undergoing a renaissance with new office space being built and luxury hotel construction on the rise. There has also been a large investment from the medical sector, as the University of Pittsburgh Medical Center announced plans to create a $200 million immunology center in the city.
Cliffco Will Work With You in Your Market
If you’re looking at purchasing property in Pennsylvania or if you’re interested in buying in any other real estate market where Cliffco is licensed, we’ll work with you to understand the market and to assist you in finding the loan you need. Whether you need a mortgage, wish to tap into your existing home’s equity or if you’re interested in other types of home loans, we can help. Contact Cliffco today.