Pennsylvania Real Estate Market Trends & Analysis

The Pennsylvania real estate market has been impacted by the same inventory shortage facing the rest of the country. Improving economic conditions have enabled more buyers to actively participate in the market, but they have been met with an insufficient supply of available homes. As a result, real estate in Pennsylvania has increased in value for approximately seven consecutive years.

It is worth noting, however, while appreciation rates have done their best to price buyers out of many markets across the country, the Pennsylvania housing market remains relatively affordable. As a result, Pennsylvania real estate investing has experienced a resurgence. The Keystone State now boasts several of the best markets for house-flipping returns.

Pennsylvania Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Real Estate Agents, Attorneys
Conveyance: Special or General Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 3 - 9 months
Notice of Sale: Sheriff
Redemption Period: None

Taxes

Income Tax: 3.07%
Corporate Tax: 9.99%
Sales Tax: 6.00%
Estate Tax: No
Inheritance Tax: 0-15.00%
Median Property Tax: 1.35%
Property Taxes by County: http://www.tax-rates.org/pennsylvania/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,511.00
Transfer Fee: 1%
Origination Fee: $1,907.00

Overview

  • Median Home Value: $175,600
  • 1-Year Appreciation Rate: +3.4%
  • Median Home Value (1-Year Forecast): +1.9%
  • Median Rent Price: $1,399
  • Price-To-Rent Ratio: 10.45
  • Average Days On Market: 73
  • Unemployment Rate: 3.9% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 12,807,060 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $56,951 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 10.78%
  • Foreclosure Rate: 1 in every 2,781

Pennsylvania Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Tax Deed state
  • Redemption Period: No right of redemption after sale, except for Philadelphia on SFR if occupied 90 days prior to sale