Purchasing a home is an investment, a commitment, and an essential component of financial planning; it’s more than just choosing a place to call home. Home prices and mortgage rates have increased recently, causing significant changes in the real estate industry. Because of this, prospective purchasers are often concerned about affordability.
The US average house value in December was $344,000, a little less than the year before but consistent with seasonal patterns. But beginning of January 25, the 30-year fixed mortgage rate increased to 6.69%, which means that new homeowners would now have larger monthly payments.
Even while home prices are rising across the board, several Pennsylvanian cities have seen especially sharp increases, placing them among the most costly in the state to purchase a property in. These costs are influenced by various factors, including the property’s age, size, condition, and location.
These are the top three Pennsylvanian cities with the priciest real estate, according to data from Stacker and Zillow:
1. Devon: At $852,125, Devon, which is part of the Philadelphia-Camden-Wilmington metro area, has Pennsylvania’s highest average home value. Strong demand and investment opportunities are indicated by the 9.5% annual increase in home values over the last year and the 44.5% annual increase over the previous five years.
2. Edgeworth: With an average home value of $849,552, Edgeworth is a part of the Pittsburgh metro area. The value of homes has increased by 7.4% in the last year and by 39.0% over the previous five, indicating steady growth and homeowner appeal.
3. Berwyn: The average home value in Berwyn is $831,796 in the Philadelphia, Camden, and Washington metro area. The real estate market in this area is strong and has been increasing consistently, as evidenced by the 6.2% increase in home values over the last year and the 42.2% growth over the last five years.