Homeownership is Pennsylvania is surpassing the national average.
According to Danielle Hale, realtor.com’s® economist, who presented at PAR’s Fall Business Meetings, homeownership in Pennsylvania is 69 percent, while it is only 64 percent nationally. In the commonwealth, Washington Crossing is the area with the highest rate of homeownership, at 95 percent, followed by Richboro. Additionally, millennial homeownership is higher in Pennsylvania than nationally, at 46 percent, compared to 36 percent across the country. Montgomeryville is the area with the highest millennial homeownership at 96 percent, followed by Richboro, yet again.
More than two-thirds of zip codes across the state have experienced price growth year-to-year, Hale said, with Warren County seeing the highest growth. Chester County has the highest list price, followed by Bucks County.
“In general, prices are moving up across the state,” said Hale. “Days on the market have declined, and there are pockets of hotness spread throughout the state.”
Montgomery County is currently the “hottest” market, according to Hale, followed by Delaware as a top performer. However, nearly two-thirds of zip codes are seeing growth, and that is expected to continue. “There is substantial growth across the state,” she said.
Across the country, “inventory isn’t available,” said Hale. “But we are still seeing fair demand.” She added that the summer was “very competitive.”
“Sales are slow, but homeownership is recovering,” she said. The homeownership rate, at 64.3 percent, is coming up from a peak low in 2016. “The market has made some strides converting people into homeowners,” added Hale.
Hale said that while prices continue to increase, and inventory continues to struggle, “homes are still relatively affordable from a long-term perspective, but, in general, homes are less affordable. The number of people looking for a home has not declined.”
“In long run, with homebuying, you are building equity. It’s not a ‘get-rich-fast’ scheme, it’s a ‘get-rich-slow’ scheme,” she said. “Life drives housing demand, and homebuying is now the most competitive on record.”