Pennsylvania Real Estate Predictions for 2022

Whether you're buying or selling in 2022, you'll need to pay attention to real estate predictions. Here's what you can expect from the housing market in 2022.

Are you looking to purchase a home in Pennsylvania, or sell an existing one? Are you wondering if the housing market will be friendly to you in 2022?

The last year has seen an incredible boom in real estate, as folks everywhere are moving and taking advantage of new work-from-home options. Yet what are the real estate predictions for 2022, and can you still count on real estate as a strong investment?

Let's take a look.

Real Estate Predictions

2021 was a great year for real estate sellers. They enjoyed multiple offers, some of them over the asking price, and mortgage interest rates remained low.

Home prices that increased by 11.3% in 2020 are expected to slow to 4.4% in 2022. This means that, while sellers can still count on their homes appreciating, the market is moving more favorably toward buyers. The median home price is beginning to slow, but no housing crash is predicted.

Homes prices are expected to continue to soar throughout 2021. Yet rising home prices could begin to impact affordability, leading to a drop in asking prices. Low mortgage interest rates, however, are continuing to make purchasing a house more affordable. 

New home constructions are expected to rise throughout 2022, but a shortage of material and constructions may slow down the available supply. Mid-sized cities and remote "Zoom towns" will continue to grow as workers become more flexible.

Pennsylvania Neighborhoods

Believe it or not, Pennsylvania is becoming increasingly popular since the 2020 pandemic. Homes in Fulton County, for example, are seeing an 82.9% increase since last summer.

Today's remote workers are looking for clean, comfortable homes in areas they can afford. Without a commute to hold them back, folks can move to areas of the country where they can a larger home and a nice piece of property for far less.

The average home price in Fulton County, for example, is less than $200,000. You'll also pay less for regular living costs, including utilities, groceries, and taxes. In fact, the median property tax in Fulton County is $1,627 per year.

Recently, Pennsylvania has seen an increase in Fortune 500 companies and startups as the population continues to grow. It's a wonderful place to keep costs low while you learn the ins and outs of a business. In addition, close proximity to major metro areas like New York and Philadelphia means you can ship products without too much hassle. 

If you love a close-knit small-town vibe, you can't go wrong with buying in Pennsylvania. Maybe you'd love to have a small-town grocery store where everyone knows your name. Or you've often daydreamed of getting a cup of coffee at your favorite shop before your morning walk on a wooded path.

Work-life balance is easy when there are lots of opportunities for outdoor exercise just outside your door. And with so many breathtaking views, it won't be hard to motivate yourself. 

If you love outdoor activities like fishing, boating, and swimming, there are plenty of lakes in Pennsylvania to welcome your interest. You'll also find great shopping at antique shops and outlets so there will be no shortage of things to do.

Remote workers enjoy great savings, a flexible schedule, and lots of interaction with family. If you're getting ready to make a lifestyle change, Pennsylvania could be the place to get your health and your life back.

Choosing Your Home

If you're looking to move to Pennsylvania, you'll want to be selective about your home. Buying a house is a big investment, and you'll want to enjoy your house for years to come.

A detached house, for example, has its advantages. You'll enjoy lots of privacy, as well as the ability to do whatever you want with the property. You'll also have a big yard with plenty of opportunities for recreation.

Attached homes, however, also have their pluses. Besides generally being more affordable, modern homes are usually well insulated and offer some degree of privacy. They may also have lower maintenance requirements if lawn care and snow removal are the responsibility of the community.

Besides the current market, you'll want to think about your monthly bill, as it will include more than just your mortgage. Taxes, heat, and utilities will all be a part of your living expenses. 

If you're moving to Pennsylvania from a larger metro area, you can expect these costs to decrease significantly. You also don't want to forget about things like your cell phone bill and car insurance, all of which will factor into how much it costs you to pay your bills each month.

Of course, it's important to consider things like the number of bathrooms and bedrooms you'll need. If these need to be renovated, you'll want to figure that into the home price.

As with any home purchase, location is a critical factor. How far is it to the main highway, and what are the schools like? How long is it to local recreation, dining, and houses of worship? Are you comfortable with those distances?

You can change anything about your home in the future, but you can't change where it is. If you're in a developing neighborhood in close proximity to conveniences, chances are you're making a good investment.

Moving On

Before you purchase or sell a Pennsylvania home, it's important to know about real estate predictions for the near future. This can help you make smart investments. With a little homework, you can be enjoying the profits of your real estate move for years to come.

Don't stop getting smart about Pennsylvania real estate now. For excellent home options in Fulton and Franklin counties, contact us today.