Analysis ranks Pennsylvania capital region as 2021’s 7th strongest housing market
(The Center Square) – An urban exodus and general affordability will rocket the housing market in the Harrisburg-Carlisle region to the 7th fastest growing nationwide in 2021, according to an analysis from Realtor.com.
Based on the company’s local market forecast, Harrisburg is among the top 10 regions expected to experience the strongest growth next year, with home prices increasing 6.9 percent and sales jumping 13.1 percent year-over-year, outpacing the national average.
The Harrisburg region’s particular draw remains an abundance of government jobs, affordable housing and cost of living. Realtor predicts home prices will rise 3.8 percent and sales will soar to 14.4 percent in the region next year. This, after low inventory and high demand pent up from a two-month shut down on real estate transactions in March and April led to unprecedented home sales throughout 2020.
“The relative stability of government jobs in the past year has driven home prices and sales in several state capitals to the top,” said Danielle Hale, Realtor’s chief economist. “Home buyers, particularly younger first-time buyers, looking in one of these markets should expect rising prices and heavy competition. Meanwhile, sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home.”
Realtor said Harrisburg’s median home price of $262,000 appeals to millennials in need of larger homes for their growing families.
“Harrisburg boasts a strong job market not only for government employees working at the state capital, but those in healthcare and shipping industries as well,” the analysis concludes. “One of the biggest draws to the area is the ability to go from downtown, to the suburbs, to more rural areas, in under 15 minutes.
