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Current home values in Pennsylvania

Home values have been rising throughout Pennsylvania and are up 13.7% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $338,879, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Pennsylvania: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $338,879 home at 3.33% would give a typical Pennsylvania homebuyer a monthly payment of $1,192, assuming a 20% down payment.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How the Pennsylvania housing market stacks up

Older couple walking in a park
Amy Lutz / Shutterstock
Older couples can enjoy a park in the fall in Pennsylvania

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Pennsylvania, they're predicted to rise 4.3%.

Homes right now are going on the market in Pennsylvania at a median price of $113 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Pennsylvania home prices over the last 10 years

Year Avg. Price
2020* $197,748
2019 $173,950
2018 $168,367
2017 $158,358
2016 $150,583
2015 $145,908
2014 $142,700
2013 $140,125
2012 $138,425
2011 $141,492
2010 $147,792
2009 $149,442

*2020 price average through March 31, 2020.

Home insurance is an essential expense – one that can often be pricey. You can lower your monthly recurring expenses by finding a more economical alternative for home insurance.

SmartFinancial can help you do just that. SmartFinancial’s online marketplace of vetted lenders allows you to quickly shop around for rates from the country’s top insurance companies, and ensure you’re paying the lowest price possible for your home insurance.

Explore better rates

How much for an average-sized home?

Here's what a 2,500-square-foot home in Pennsylvania is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $283,191
2019 $307,500
2018 $295,000
2017 $280,000
2016 $265,000
2015 $257,500
2014 $250,000
2013 $247,500
2012 $242,500
2011 $247,500
2010 $260,000
2009 $260,000

*2020 price average through March 31, 2020.

Secure your retirement with a reverse mortgage

If you’re low on cash savings and investments but have wealth in your home, a reverse mortgage is a great option for covering retirement expenses.

Mutual of Omaha is a trusted insurance provider that helps you make the most of your home equity.

About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

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