State: Pennsylvania
The Harrisburg real estate market may not have made the National Association of Realtors 2022 Hidden Gems list, but it could have. Here's why. Harrisburg offers affordability, demand, growth, and a stable economy. The opportunity presented in the Harrisburg market has created a lot of competition that's also driving home values up. Most Harrisburg homes are on the market just five days before they receive an offer.
Real estate investors looking for an affordable market with a lot of potential should consider investing in a Harrisburg rental property.
Harrisburg is in Central PA along the shores of the Susquehanna River. It's just 100 miles northwest of Philadelphia and 170 miles southwest of New York City. Aside from its ideal location, Harrisburg is known for its history and vibrant community.
Real estate investors can find nearly every property type in Harrisburg's homes for sale. They include everything from foreclosures to turnkey investment properties. Whether you're looking to invest in a single-family home or a multi-family home, Harrisburg has something for you.
The Harrisburg area is home to many great suburbs for investors to consider. They include Carlisle, Hershey, Lebanon, Middletown, and York.
A few other neighborhoods and suburbs worth noting are Allentown, known for its Pennsylvania Dutch history and gorgeous parks; Camp Hill, known for its annual Plein Air Arts Festival; Lemoyne, the "little town that has it all;" Midtown, a historic neighborhood that's home to the Pennsylvania Governor's Mansion and Broad Street Market; New Cumberland, located between Harrisburg and York; Steelton, home to the first steel mill in the U.S.; and Uptown, a beautiful historic district.
Harrisburg is an affordable real estate market with high demand for rental properties.
According to Realtor, the median listing price in Harrisburg is $120 per square foot with a median sale price of $200,000. Zillow's Home Value Index reports a 14.9% change since last year. The median rent in Harrisburg is $1,640 per month.
Harrisburg's robust rental market generates a lot of demand for rental properties. Nearly half (49%) of households in Harrisburg are occupied by renters, and the city has a vacancy rate of 4.9%. With numbers like these, a Harrisburg rental property has the potential to yield significant returns for real estate investors and property management companies.
Harrisburg is the capital of Pennsylvania and the seat of Dauphin County. It's the tenth most populated city in PA, growing at a rate of 1.45% each year.
Harrisburg's primary industries are government, healthcare, and manufacturing. The largest employers are the State of Pennsylvania, Hershey Foods, Highmark Blue Shield, and Tyco Electronics Corp. The Harrisburg area is also the headquarters of Hershey Foods and Rite Aid. These employers provide jobs and stability for the city's economy. In fact, the unemployment rate is just 4.5%.
The Harrisburg real estate market offers homeowners and real estate investors affordability, demand, and a stable economy. A Harrisburg property investment provides a lot of opportunity for anyone looking to increase their cash flow through rental income.
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