The Pennsylvania real estate market saw a significant increase in younger buyers in 2017, coupled with reports of first-time home buyer demand surging nationally overall means strong building growth in the Commonwealth for the first part of 2018.
Causes of this upswing include supply shortages, especially in markets like Philadelphia that make homes less affordable, reducing incentives to existing homeowners who want to upgrade. Millennium buyers cite expanding families, needing more space and relocation as their primary reasons for buying a home in recent surveys from the PA Realtors Association. Finally, recent home buyers surveyed said being tired of renting was their primary reason for buying.
Strong economies in Pennsylvania in areas like high-tech hubs Philadelphia and Pittsburgh along with growing transportation hubs like Allentown and York are contributing to the overall youthful trend and away from second or third-time home buyers that trend older.