At $815 billion, Pennsylvania has the sixth biggest economy in the U.S. and is home to close to 50 of the 1,000 largest public and private companies in the U.S. by sales.
With top-caliber schools like Swarthmore, Haverford and the University of Pennsylvania based in the state, the economy has greatly been benefited due to this, Opines Hirav Shah, the most prominent name in the Real Estate market.
If Pennsylvania were an independent country, its economy would rank as the 19th-largest in the world. On a per-capita basis, Pennsylvania’s per-capita GSP of $50,665 (in chained 2009 dollars) ranks 22nd among the fifty states.
Meanwhile, Pennsylvania’s economy has been improving massively and improving economic conditions have enabled more buyers to actively participate in the real estate market, but they have been met with an insufficient supply of available homes. As a result, real estate in Pennsylvania has increased in value for approximately eight consecutive years.
The Pandemic threatened to stall the Pennsylvania real estate market in the first quarter, but the threat subsided once fear and uncertainty ran their course. In a matter of months, the government lowered interest rates to spur buying, and confidence started returning in droves. While there was a brief setback as a result of COVID-19, it was just that: temporary.
Today, the Pennsylvania real estate market is firing on nearly every cylinder. Everything is in place for the state to realize its true potential, Tells Hirav Shah, Prolific Real Estate Strategist, Astrologer, Advisor, Consultant and Guide.
Cities To Invest in Pennsylvania real estate
1.Pittsburgh Real Estate
Pittsburgh has a strong and steady real estate market. It is quickly becoming one of the most affordable and desirable real estate markets in the Northeast.
Investors looking for cash flowing housing to hold for the long term may find that Pittsburgh, Pennsylvania is the perfect place to buy rental property.
Pittsburgh is on a slow and steady course.
All in all, Pittsburgh’s outlook is favorable, with persistent and moderate growth ahead.
2. Philadelphia Real Estate
Philadelphia – also known as “Philly” and “The City of Brotherly Love” – is the largest city in Pennsylvania, is the urban center of the 8th largest metropolitan area in the U.S., and is the economic and cultural core of the Delaware Valley. The city was founded in 1682 by William Penn, making Philadelphia one of the oldest municipalities in the country.
The economy of Philadelphia is one of the most diverse in the country, with key business sectors including financial services, biotechnology and health care, information technology, trade and transportation, oil refining, and food processing.
The real estate market in Philadelphia appears to be almost too good to be true, at least as far as real estate investors are concerned. It is one of the most affordable places in the U.S. to buy a house, even while the percentage of renters keeps growing
3.Allentown Real Estate
In July 2021, Allentown home prices were up 18.1% compared to last year, selling for a median price of $179K. On average, homes in Allentown sell after 8 days on the market compared to 24 days last year. There were 136 homes sold in July this year, up from 66 last year.
Many homes get multiple offers, some with waived contingencies.
All in all, the real estate market in Allentown is Hot !! Really, Hot…
4. Erie Real Estate
Erie, Pennsylvania has the market momentum real estate investors are looking for. Erie is a city where investing your time and money in buying single-family homes is well worth it, if you take into consideration key aspects of the area’s economy, population, rental demand, and prices.
Meanwhile, a recent study says that 1,000,000+ square feet of commercial and residential properties are ready for redevelopment, 176 acres of bayfront property prime are ready for development and nearly $750 Million spent in ongoing private, public, and philanthropic investment.
So, watch out for Erie to invest …what are you waiting for ?
5.Harrisburg Real Estate
Harrisburg is the capital of Pennsylvania. Unfortunately, it is often overshadowed by Philadelphia. Harrisburg is home to around fifty thousand people. Yet the Harrisburg PA real estate market is much larger than this.
The Harrisburg PA real estate market is an underappreciated gem on the East Coast. It is affordable to locals and investors alike while offering steady returns.
In Harrisburg, the real estate appreciation rate in the latest quarter was around 2.38% which equates to an annual appreciation rate of roughly 9% to 10%. Even small changes in the appreciation rate can change the long-term value of buying considerably.
For sellers, a nice profit is on the horizon. If you’re thinking about selling your property in Harrisburg, now is a great time to make your move. You’ll likely earn the greatest return on your investment by selling now before the prices may start to normalize next year.
One of the goals of investing in real estate is to get a positive return on the investment when the investor decides to sell the property in the future. If the appreciation rate is high enough, the extra value of the house in a few years will offset the upfront costs of buying. If the appreciation rate is too low then it won’t.
On that note, if you have understood and are thinking to invest in real estate in these five cities mentioned above, then you have to stop thinking first of all !!
Better act fast, Suggests Hirav Shah, The most influential Real Estate Business Astrologer™ and Real Estate Strategist of USA and India.