Midstate housing stock remains old, in high demand
Homes built before 1990 continue to dominate the sales charts in Central Pennsylvania
California-based RealtyTrac Inc. reported today that nearly three-quarters of midstate homes sold so far this year were built in the 1980s or earlier.
In Harrisburg-Carlisle, 72.4 percent of 2013 sales fell in that category. In Lancaster County, the figure was higher at 74.1 percent.
Homes built in 1939 or earlier remain the strongest segment in both metropolitan areas at 22.8 percent and 26.3 percent, respectively.
Those sales figures might not be surprising given that 77.2 percent of homes in Harrisburg-Carlisle and 75 percent in Lancaster County were built before 1990, according to RealtyTrac.
Data was not available for Lebanon and York counties.
For Pennsylvania, that figure is 82 percent.
The commonwealth is one of 14 states where homes older than 1990 made up more than 80 percent of year-to-date 2013 sales, according to RealtyTrac.
Nationally, about 70 percent of homes were built before 1990. And sales of those homes account for about 60 percent.
“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” said Jake Adger, chief economist at RealtyTrac. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”