Looking around the neighborhood, real estate prices seem to be on the rise. This is true for most parts of the country, although not as much as initially predicted. The Federal Home Loan Mortgage Corporation, also known as Freddie Mac, had said prices would rise 2.8% this year, but has reversed course. Freddie Mac currently expects price increases to remain at about 0.5%. In some parts of the country, this number is even higher. In Pennsylvania, real estate values have increased by 5.4% over the past year.
However, there are some cities in Pennsylvania where prices have not gone up at all and are actually getting cheaper. If you’re looking to buy a home in the Keystone State, here are some cities where real estate prices are steadily declining.
Johnstown
In Johnstown, prices fell an staggering 12.5%, bringing the average price of a home to $93,083. In 2020, 18,411 people lived in the city. Residents love the environment, and it’s a great place to live for nature lovers who enjoy long hikes in the woods. But one of the reasons Johnstown is so cheap is natural disasters. In 1889, Johnstown suffered a terrible flood that devastated the city. While in town, you can visit the Johnstown Flood Museum, which displays details of the debris. Fortunately, Johnstown hasn’t had any such disasters in many years, but perhaps its reputation keeps prices low.
Titusville
Titusville has been known as the “Birthplace of the Oil Industry” since the first oil well was built here when oil was first discovered in 1859. Despite this story, real estate prices remain low. Currently, the median price of a home in Titusville is $101,525. This is a 9.6% decrease from last year.
Parker
Parker is fondly nicknamed “The Smallest City in America.” How small is she? As of 2021, the population is just 676. It’s no wonder this small town is so cheap. The median home price in Parker is $102,493. This is a 4.3% decrease from last year.
Sunbury
Sunbury’s 2020 population was 9,719. Residents value proximity to the Susquehanna River and spend much of their time there with family and visitors. Since last year, home prices have fallen 3.9% to an average of $133,296. The price may be low, but the love for hot dogs is strong. People from all over the world flock to Sunbury’s Squeeze Inn to sample their popular hot dogs. Maybe just loving hot dogs is a compelling reason to move there.
Meadville
About 140 miles from Pittsburgh lies the town of Meadville. As of 2020, the city’s population was just over 13,000 people. Some residents attend school and attend Allegheny College. Attractions include scenic hiking trails such as the Ernst Trail and Woodcock Lake Park. Real estate prices have declined 2.5% over the past year, with the average home price in Meadville being $148,407.
DuBois
If you love the woods, you’ll love the DuBois area. Hunters come from far away to track their prey among the trees. The city’s population in 2020 is just over 7,000 people. Real estate prices have declined 2.5% over the past year, with the average home price in Dubois being $155,281. That’s over $100,000 less than the average home in Pennsylvania. There’s no need to be intimidated by low real estate prices. Residents say Dubois is a great place to raise a family, and with a variety of outdoor spaces, there’s plenty of room for families to roam.
Bradford
Bradford is a small town with a reported population of 7,849 as of the 2020 Census. Bradford is home to Zippo’s headquarters, providing employment for many residents. You can tell if a ZIPPO lighter is genuine if it says “Bradford, Pennsylvania.” In addition to the pride of living in the home of Zippo, you also enjoy the benefits of low real estate prices. The average price of a home in the city is $103,102, well below the state average of $261,312. Last year, prices fell by 0.8%.