Pennsylvania’s real estate market is expected to remain strong over the next few years. The state’s economy is expected to continue to grow, and with it, the demand for housing. The state’s population is projected to increase by 1.3% each year through 2023, which will create even more demand for housing. Additionally, the state’s unemployment rate has been decreasing, and the job market is expected to remain strong. This will create more people looking to buy homes, which will drive up prices.
The median home price in Pennsylvania is expected to increase by 2.4% each year through 2023. This is due to the combination of increasing demand and limited supply. With the population growth, there is a need for more homes, but the state’s housing supply is limited. This will lead to an increase in prices as demand outpaces supply.
Overall, Pennsylvania’s real estate market is expected to remain strong over the next few years. The combination of increasing demand, limited supply, and tax incentives will help to drive up prices and make it a favorable place to buy a home.