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Pennsylvania Real Estate Summary
The Pennsylvania real estate market is slowing down. There are certain markets near Philadelphia and Stroudsburg that remain strong, but the rest of the state has stalled in growth. New jobs have been created in the retail and service sectors, but many jobs in the steel mills and manufacturing facilities have been shipped overseas, hurting the economy. Philadelphia relocation is not happening unless it is a corporate transfer for a large company. Overall, the statewide unemployment rate is 4.8% which is near the national average.
Overall, the state shows growth in the housing market. Philadelphia real estate is moving quickly, and helps the state numbers remain positive. West Chester real estate, in a suburb of Philly, has average sale prices of $350,000. Houses are only on the market for 30 days before receiving an offer, which is on average, 95% of the asking price.
Lancaster real estate is slower. The market is even with buyers and sellers, and there are adequate houses in each price level. Houses sell for an average of $200,000 after being on the market for ninety days. The prices have stayed flat from the year before and are showing little, if any, increase. |
