Housing Market 2024: 7 Pennsylvania Cities Where Prices Are Dropping
If you look around your neighborhood, it most likely seems like housing prices are only going up. That’s true for the majority of the country, although not by as much as originally projected. The Federal Home Loan Mortgage Corporation (also known as Freddie Mac) said prices would go up by 2.8% this year, but it has changed its tune. Freddie Mac is now expecting prices to only increase by about 0.5%. In some parts of the country, that number is much higher. For Pennsylvania, home values have increased a whopping 5.4% in the past year.
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However, there are some cities in Pennsylvania where prices aren’t increasing at all and, in fact, are getting cheaper. If you’re looking to purchase a home in the Keystone State, here are some cities where home prices are consistently getting lower.
Johnstown
Prices have fallen a staggering 12.5% in Johnstown, bringing the average price of a home there to $93,083. As of 2020, the town had 18,411 people living there. Residents love the surroundings, and it will be a great place to settle down for any outdoorsy types who love to go on long hikes through the forest. However, one reason prices might be cheap in Johnstown is due to a natural disaster. In 1889, Johnstown suffered a terrible flood that ravaged the city. While in town, you can check out the Johnstown Flood Museum which details the wreckage. Luckily, that sort of disaster hasn’t happened in many years to Johnstown, but perhaps its reputation keeps prices low.
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Titusville
Titusville is known as the “birthplace of the oil industry,” after the first oil well was established when petroleum was first found there in 1859. Even with that history, home prices remain low. Right now, the average cost of a home in Titusville is $101,525. That’s down 9.6% from last year.
Parker
Parker has the nickname of “The smallest city in the USA.” How small is it? The population was recorded as just 676 in 2021. It’s no surprise then that prices are fairly low in this teeny town. The average cost of a home in Parker is $102,493. That’s down 4.3% since last year.
Sunbury
Sunbury had a population of 9,719 in 2020. Residents like its proximity to the Susquehanna River and spend a lot of time there with family and those who visit. Since last year, home prices have come down 3.9%, bringing the average to $133,296. Though prices might be low, the love of hot dogs is high. People come from all around to eat what is a raved-about hot dog at Squeeze-In in Sunbury. Perhaps the love of hot dogs alone could be a compelling reason to move there.
Meadville
About 90 miles from Pittsburgh, you’ll find the town of Meadville. As of 2020, the town had a little more than 13,000 residents. Some of the residents are there for school and attend Allegheny College. Some of the attractions include scenic trails like Ernst Trail and those in Woodcock Lake Park. Home prices have fallen 2.5% over the past year, with the average price of a home in Meadville being $148,407.
DuBois
If you enjoy the forest, you’ll love the surroundings of DuBois. Hunters come from miles around to track down game between the trees. The town has a population of just over 7,000 as of 2020. Housing prices have fallen 2.5% over the past year, bringing the average price of a home in DuBois to $155,281. This is more than $100,000 cheaper than an average home in Pennsylvania. Don’t let the low home prices deter you: Residents say DuBois is a great place to raise a family, and the variety of outdoor space will give them plenty of room to roam.
Bradford
Bradford is a small town with a reported 7,849 residents in the 2020 Census. In Bradford, you’ll find the Zippo Headquarters, which helps employ a lot of the residents. You’ll know a Zippo lighter is authentic if it has the etching of “Bradford, PA” on it. Besides the pride of living in the Home of Zippo, you’ll have the advantage of low home prices. The average cost of a home in the town is $103,102, which is significantly less than the state average of $261,312. Prices have fallen 0.8% in the past year.
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This article originally appeared on GOBankingRates.com: Housing Market 2024: 7 Pennsylvania Cities Where Prices Are Dropping
