Home is where the heart is! 🫶 But…it might not be where the moolah is. And we’re not talking about what you’ve got stashed under the mattress. 💰
Home prices are down nationwide, but some locations are harder hit than others. 📉 In the Keystone State, home values in some cities fell more than others. Let’s take a peek.
Here’s Five Fast Facts on PA’s home values:
- ⬇️ Drop It Like It’s Not - Home prices have been dropping for a while now, but we just hit a milestone. According to a recent Zillow report, a little over half of U.S. homes (53%) have lost value in the last 12 months. That’s the first time a majority of homes have depreciated since 2012.
- 👊 Heavy Hitters - Which Pennsylvania cities had the most homes with a decrease in value? Here’s the hit list: Warren (70.2% of homes), Saint Marys (69.9%), Altoona (61.9%), Meadville (61.4%), and Sayre (59%).
- 🏘️ Less Is More - Who was hit the softest? These five cities had the lowest percentage of homes impacted by falling property values: Allentown (21.6%), Gettysburg (17.8%), Lebanon (16.9%), Lancaster (15.4%), and York (14.7%).
- ⛰️ Rocky Road - Looking at the rest of the country, Denver got served the biggest slap. There, a whopping 91% of home values decreased over this past year. Other cities that are down bad include Austin (89%) and Sacramento (88%). Dallas and Phoenix are both tied at 87%.
- 📷 Big Picture - Zooming out regionally, Western and Southern cities did the worst. In Florida, just about every market experienced a home value decrease. However, Northeastern and Midwestern markets are holding up better. In states like Illinois, New York, Ohio, and Wisconsin, less homes lost value.
🔥Bottom line: The pandemic home buying and selling boom is over, mortgages are stuck at 6%, and Americans are still struggling to make ends meet. Low home prices are a real Debbie Downer. What will it take to break the spell? Builder’s mortgages may look like the deal of the century on the surface, but are there scammy vibes lurking underneath? Head here to learn more!
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