Pennsylvania – The Signs of Housing Recovery are Everywhere
By the end of 2012, Pennsylvania had regained more than half of the jobs it had lost during the Great Recession. So what about the Keystone State’s housing market? Is it making as many strides?
Realtors all over Pennsylvania say the answer is a resounding “yes”!
Thanks to the jobs being created here, there was an increase in demand for housing. Just take a look at the Pittsburgh metro, where realtors saw the highest number of homes sold since 2004. In fact, the homes for sale around Pittsburgh led to an absolute buying frenzy in 2012, generating more than $4.4 billion worth of activity by the time all was said and done for the year!
The Western Pennsylvania region as a whole saw the number of home sales jump more than 10% in 2012. The last time that happened was back in 2002!
Over to the east in Dauphin County (where Harrisburg is located), buyers couldn’t contain their excitement either. At the beginning of 2012, the average length of time that a home was on the market was 130 days. By the third quarter, that average had shrunk to 97 days. Even during the fourth quarter – when buying is typically slow due to all of the holiday festivities – the average home here was selling in 102 days!
Down to the south, the number of home sales in the Philadelphia metro began 2013 with as much as an 18% increase as compared to the year before – and realtors in southern Pennsylvania predict even bigger increases as the year goes on. A big part of the demand, they say, is “cabin fever” that has swept the area over the past five years. Since people have been so afraid to invest in Pennsylvania’s housing market – or simply didn’t have the money to do so – they’re jumping in with both feet now.
There’s only one thing that realtors in Pennsylvania aren’t too happy about – the state’s unemployment rate. At the end of 2012, it was 7.9%. That’s slightly higher than the national average. More importantly, it’s slightly higher than the rate here was in November 2012 and higher than it was back in December 2011. The rate is also almost twice as high as it was back in April 2007. So, with a rate like that, it’s obvious that there are lots of Pennsylvanians that simply can’t afford to invest in the housing market right now.
Still, though, Pennsylvania’s housing market is on the route to recovery. And, as more people get back to work, the signs of recovery will get even stronger!
Living in Pennsylvania
Looking for a place to live that’s rich in American history, with opportunities for both city and country life? Then Pennsylvania may be the place for you!
Pennsylvania borders six other states – New York, New Jersey, Maryland, Delaware, Ohio, and West Virginia. The state also shares a water border with Canada because Pennsylvania has 63 miles of coastline along Lake Erie. Pennsylvania also has 57 miles of shoreline on the Delaware Estuary.
If you enjoy snow, the more mountainous interior of the state is much colder with the western areas near Lake Erie receiving as much as 100 inches of snowfall annually. The summers, in contrast to the cold winters, can be quite warm and humid.
Before you head off to Pennsylvania, let’s go over some of the fast facts:
- What is the population of Pennsylvania?
- The population of Pennsylvania is 12,763,536
- What is the capital of Pennsylvania?
- The capital of Pennsylvania is Harrisburg
- What is the largest city in Pennsylvania?
- The largest city in Pennsylvania is Philadelphia
Pennsylvania’s roots go back to the 17th century, as it was one of the 13 original Colonies. Pennsylvania was deemed the “Keystone State” in 1802, partly because of its central location among the original 13 colonies and partly because of the number of significant American documents signed within the state – including the Declaration of Independence. The famous Liberty Bell – an icon of American independence – sits in Philadelphia.
There’s plenty to do in Pennsylvania, whether you want to visit the historical cities or attend the many music festivals held throughout the state. All 121 state parks offer free admission. The nation’s first zoo is the Philadelphia Zoo, and Pittsburgh houses both the Pittsburgh Zoo and PPG Aquarium. The Carnegie Museums and Philadelphia Museum of Art are popular with history and art lovers. Pittsburgh also houses the National Aviary.
If you like to spend your time in the great outdoors, Pennsylvania is well known for its fishing and sport hunting, with whitetail deer, squirrel, turkey, grouse and cottontail rabbits as common game. In fact, the state has also been called one of the best wild turkey hunting states.
Pennsylvania is also home to the Amish known for their simple living and basic dress who settled in Lancaster County 300 years ago.
So, no matter what you love, Pennsylvania has a taste of it!