Are you wondering whether you should go about buying real estate in Harrisburg?
During the 1950s, Harrisburg boasted a population of nearly 90,000. Over the following decades, the population began to shrink. Now, it sits at just above half its 1950s population. 49,209 people call Harrisburg home, according to the latest U.S. census information.
Yet, every good investor knows that a smaller population size doesn't necessarily indicate an unprofitable housing market. If you're looking to get into Harrisburg real estate, though, you need to know some of the expected Harrisburg real estate trends for 2022. Keep reading to learn more!
The Population Will Increase
Harrisburg received great news the last time the census rolled around; it had grown by 1.1%.
Now, this isn't exactly a population boom, but it is remarkable for the Harrisburg real estate world. Year after year, Harrisburg's population has increased by about 0.13%. Marginal as it is, it does indicate a demand for housing and property.
In fact, Harrisburg is a very competitive market. Many homes get multiple offers. People are also on the lookout for apartments and rental properties.
This growth trend is expected to continue throughout 2022. As such, investors can expect to make some money from buying and selling or renting properties.
The Economy Will Continue to Grow
Harrisburg's economy has made massive gains over the past few years. New jobs and better pay are now available to many Harrisburg residents. In fact, Harrisburg is now out-performing much larger Pennsylvanian cities when it comes to its economic success.
This is due, in large part, to the growth of the food and transportation companies in the region. There is no reason not to expect the Harrisburg economy to continue on its upward trajectory in 2022.
You Can Pay Less and Earn More
The Harrisburg housing market is in a unique position to help savvy real estate investors make money.
The median price of a home in Harrisburg is $175,600 right now. Some homes are going for much lower price points. Yet, the median Harrisburg home sells for $185,400 right now. This means that people can earn upwards of $10,000 on their Harrisburg properties.
You can maximize your profits by buying a less expensive Harrisburg home and renovating it. People who go this route have a greater chance of seeing more offers and landing better deals.
Some Harrisburg areas, such as Midtown, are in the middle of a revival. As such, investors would be wise to take advantage of interest in this area and invest in it in 2022.
Need Property Management for Your Harrisburg Real Estate?
If you're interested in investing in Harrisburg real estate, you'll need a property management team.
Getting professional property management services improves your ability to attract tenants. Our property management team will help you market yourself, screen tenants, and handle evictions and rent collection. We can also help you with maintenance and give you a rental analysis.
Want to learn more about what we can do for you? Contact us today to get started!
