PENNSYLVANIA - Harrisburg, PA, housing market is extremely competitive. The median listing price was $115,000, and the number of homes for sale was 222 each month. The median listing time was 33 days. The cost of a one-bedroom property rose by 10.1%, while prices of a two-bedroom property dropped. The price of a three-bedroom property increased by 16.3%, and a four-bedroom property climbed by 19.9%.
Another project in the area is a proposed new apartment complex. Triple Crown Corporation plans to build a 156-unit townhome complex on 25.5 acres. The complex will feature a clubhouse and pool. Residents will also have access to a biking and walking trail. Another project is a proposed apartment complex, Steel Works, with 46 units. It's estimated that the building will be completed by the second quarter of 2023.
While mortgage rates have remained at historic lows, the Pennsylvania property market will remain a seller's market. The state is also home to many multimillion-dollar homes. It is possible to find a great deal on a property in this market. Last month, 41.5% of homes in the Harrisburg region sold below their asking price.
Pittsburgh's housing market is poised to grow in the next decade. According to Zillow, the median home value in the Pittsburgh area has risen 13.5% in a year and is expected to rise by 16.3% next year. The median house price in Allegheny County is currently $217,075 and is set to grow even higher.
Even though the real estate market in Harrisburg is landlord-friendly, there are specific rules and regulations for landlords and tenants in this market. While some landlords may charge tenants for a security deposit, signing a rental agreement or obtaining a rental license is not required.
While the real estate market in Pennsylvania is still hot, it is also a good place for investors to invest. The state has experienced tremendous economic growth, which translates to more homebuyers. The state also offers high-quality healthcare and educational access to its residents. As a result, investors will enjoy great returns on Pennsylvania real estate.
Mortgage rates are projected to continue to rise, but the pace is slowing. Fannie Mae anticipates that the average 30-year mortgage rate will rise to 3.5% by 2023, a little higher than the 5% rate we saw before the housing bubble. The low mortgage rates will benefit home buyers looking to flip houses. Meanwhile, home prices will remain steady or increase modestly in 2023.
