Zillow Homes For Sale Pennsylvania (2024)

FAQs

Is it cheaper to buy a house in Pennsylvania? ›

Based on land prices per median lot size, regional costs of making a contract with homebuilders and administrative costs compared to median home prices, Pennsylvania residents will spend $183,000 less buying a pre-existing home, the most in the country.

The median sale price of homes across Pa. jumped 31% in the past three years, new data from the Pennsylvania Association of Realtors shows. The surge is due to a combination of factors, such as fewer homes having been built while millennials, one of the largest generations, hit their peak homebuying years.

Pennsylvania Housing Market Forecast

Pennsylvania is in a better spot than many other areas, however, since its median price stays low. As other states continue to inflate their median sale price, Pennsylvania remains well below the national average and could see an increase in interest due to this trait.

#1: Erie. With a median home sale price of $136,250, Erie is the most affordable place to live in Pennsylvania. About 92,900 people live in this city and is located along Lake Erie, so you'll have picturesque views year-round.

As of 2020, State College is the most expensive area to live in Pennsylvania. Home to the main campus of Pennsylvania State University, this rural borough's identity, economy, and history are closely tied to the school.

To qualify for an FHA loan in Pennsylvania borrowers need to have a minimum mortgage specific credit score of 580. A credit score of 580 can qualify you for a 3.5% down payment.

The down payment needed for a $300,000 house can range from 3% to 20% of the purchase price, which means you'd need to save between $9,000 and $60,000. If you get a conventional loan, that is. You'll need $10,500, or 3.5% of the home price, with a FHA loan.

If you have a conventional loan, $800 in monthly debt obligations and a $10,000 down payment, you can afford a home that's around $250,000 in today's interest rate environment.

There are two main reasons. One is that cost for equipment, fuel, insurance, labor, management, utilities, etc. have increased significantly. Another reason is that there are fewer taxable properties. For example, over 50% of the properties in one area borough are currently tax-exempt.

How much does it cost to live comfortably in Pennsylvania? ›

Whether you live on your own or have a family to support, the cost of housing, groceries, utilities, and other monthly expenses can really add up. The average annual cost of living for a Pennsylvania family of four — two adults and two children — was $87,500 for 2023.

With a strong economy — Pennsylvania has one of the largest GDPs in the country — a long history, low taxes, lush landscapes, and bustling cities, the state continues to be a popular choice for newcomers.

Is Economy, PA a buyer's or seller's market? Since last year, Economy has remained a Seller's Market.

$272,477. The average Pennsylvania home value is $272,477, up 5.3% over the past year and goes to pending in around 7 days.

The state's economic growth translates into a significant number of homebuyers and renters. Because of its population density, economic growth, high-quality healthcare, and education access, real estate investors in Pennsylvania can enjoy favorable returns on their investments.

According to real estate company Zillow, the average Pennsylvania home is worth $272,477 as of late July, marking an increase of 5.3% over the last year. Centre County's average home is worth roughly $329,379 after observing a 2.5% average value increase since 2023.

Keystone Advantage Assistance Loan Program: Down payment and closing cost assistance in the form of a second mortgage. Borrowers can receive four percent of the home's price or $6,000, whichever is less. Mortgage Credit Certificate: A tax credit of 20-50 percent of annual mortgage interest, up to $2,000 every year.

The cost of living in Pennsylvania is 4% lower than the national average. Nevertheless, it is also home to some of the most expensive cities in America.

This year, West Virginia has the cheapest homes in the country, with an average house price of $152,373. These low housing prices can be attributed to the state's rural way of life, low property taxes, and low state income tax, which helps keep land and housing prices affordable.