Home prices can be volatile, which means a mix of good and bad news depending on whether you’re buying and selling. High home prices in York, PA, will make it more difficult for first-time buyers to find something they love, while simultaneously making it easier for sellers to get a great return on investment. If you’re buying in York, PA, so you can turn around and buy a home in the same area, you’ll likely break even.
Here’s a look at current home prices and mortgage rates, plus a closer look at the trends around home values in York, PA.
Mortgage Rates and Current Home Prices Nationwide
Home prices have been on a steady uptick around the nation for some time now. In fact, home prices are currently up 6.7 percent from their max in July 2006, and home prices have been rising for 70 consecutive months — an incredible streak. Despite these rising prices, home sales haven’t slowed in the least — perhaps because the nation is about as close to full employment as it can get.
What about mortgage rates? Obviously, all buyers want rates as low as possible so that they pay less in interest. And, for the past few years, rates have remained about as low as you will ever see them. But in recent weeks and months, we’ve started to see mortgage rates inch up ever so slightly — making things even more difficult for first-time buyers.
Home Values in York, PA
What about specific home prices in York, PA? They too have been rising, up 7.3 percent since this time last year. That means those who bought a year ago are likely to have seen a significant rise in the value of their homes, and it also means it’s becoming more and more difficult to find a starter home in the area.
Experts predict that home prices will continue to rise over the next year at a pace of about 3 percent. The median home value in York is currently $185,229 — and the median price per square foot is $107 in York proper and $109 in the metro area.
Your Real Estate Experts in York, PA
As home prices rise and fall, it can be difficult to make sense of the real estate market and to make decisions with confidence. That’s why you need an expert — a source of guidance for all things related to home values in York, PA, and the local real estate market at large.
At CENTURY 21 Core Partners, we are your best source for market knowledge and information in York, PA, as well as in the surrounding communities. Our team of real estate professionals knows the York market, and each can help you make the right decisions for your home and your unique circumstances. When you’re ready to take advantage of the hot real estate market, we’re here to help.
Contact us today about home values in York, PA, as well as for anything related to buying or selling a home in the area.