The housing market is still on a hot streak, with homes selling as quickly as they go up for sale. This is no exception when it comes to Harrisburg real estate.
It shouldn’t come as a surprise that Harrisburg is following the current real estate trends of the rest of the country. The small capital town was named the best place to live in Pennsylvania. The town is accessible to state parks, the Appalachian Trail, and the Susquehanna River.
Interested in buying or selling property in Harrisburg, PA? Before doing anything, read this guide to Harrisburg real estate market trends for 2022 and beyond.
Harrisburg Real Estate Costs
There was a projected housing slump when the pandemic hit in 2020, but quite the opposite happened. Buyers rushed to purchase homes as the mortgage rates went down. In the spring of 2021 inventory was down by 32%, which aided in the rise in housing costs.
Homes are still selling above listing in Harrisburg, PA. The median listing price is trending up by 5.6% each year. The median listing price in Harrisburg is around $180,000, with a median selling price of about $195,000.
As of March 2022, home prices in Harrisburg were up 8.1% compared to last year. This is still on par with the overall market trends across the country.
Industry leaders including Zillow, Realtor.com, Fannie Mae, and the National Association of Realtors are expecting a continued rise in housing costs in 2022. Their predictions range anywhere from 16 to 2.9%.
The population of Harrisburg is right around 49,000 people. But this small population doesn’t mean the market isn’t still competitive. The growth trend will continue even in this capital town.
Homes in Harrisburg receive multiple offers when they are listed, and the average home sells at 1% above list price, and sometimes even as much as 7% above asking. Homes are selling in about 6 days to as few as 3 days after the home goes on the market.
The number of homes for sale in Harrisburg is up 91% from February to March 2022. This is likely because the market is the busiest in the spring. It’s possible that 2022 might be the busiest spring ever.
Selling to Cash Buyers
With the market still on an uptick, sellers will find more buyers offering cash in the Harrisburg real estate market. This can be especially helpful if you have a home you want to sell quickly.
A cash sale also means low maintenance for the seller. You can often sell the home as-is. Little to no repairs are necessary.
You can find out more about cash sales in this helpful article.
Buy or Sell Your Next Home in Harrisburg
It’s easy to see that even a smaller town like Harrisburg is right on trend with the current housing markets. Homes are going quickly, which means you’ll need to stay on top of new listings if you’re a buyer or decide if you want to sell your home in this booming market.
Now that you are more familiar with Harrisburg real estate trends, take a look at the buying and selling options on our website.