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Home Values Rising in Pennsylvania Amid Coronavirus Crisis
See how the housing market is doing in the Keystone State during COVID-19.
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.
How the Pennsylvania housing market stacks up
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.
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.
