Real estate in recent years has become a hot topic for the media, as market changes have drastically altered the process of buying or selling a home. With prices soaring and buyers competing with one another, some of the biggest markets in the country became inaccessible for middle-class adults in recent years. Frequently, discussions about the hottest real estate markets in the country focus on coastal cities and/or Silicon Valley. People don’t often think of Pennsylvania as having one of the hottest real estate markets in the country. However, a look at sales data from 2022 does make it look like Pennsylvania may remain one of the best real estate markets in the country in 2023.
Two of the top 10 markets are in Pennsylvania
When real estate professionals want to gauge how hot a market is, they look at several factors. Obviously, the increase in property prices is a major consideration. So too is how many properties get listed and sell every month. Beyond that, the average length of time it takes a listing to sell can also help people understand the current market.
Both Pittsburgh and Philadelphia made the list of the top 10 hottest markets in the country in 2022 because of price increases and how quickly properties sell. Even while other major metropolitan areas have started seeing a major drop in prices, with properties sitting on the market for longer, Pennsylvania has not yet seen the same signs of slowdown that many other markets have due to inflation and rising interest rates. Property prices could continue to remain steady, with buyers often competing with one another for the best properties.
What does the market mean for you as a buyer or seller?
Changes to the real estate market can have a major impact on your financial circumstances and future plans. Perhaps you want to capitalize on the hot market right now by listing your home several years ahead of your planned retirement schedule. On the other hand, maybe you need to take a step back and consider waiting before you purchase a vacation home or investment property given the current market. Tracking the Pennsylvania real estate market can help buyers, sellers, and professionals make better choices when it comes to buying or selling real property.
Contact your legal advisers at OWM Law Offices to further discuss the prospects of buying and selling real estate.