Market Report & Homes Sales: Richlandtown PA 18955 for November 2014
The median sales price for homes in Richlandtown PA for August 14 to November 14 was $230,000. This represents a decline of 21.8%, or $38,500, compared to the prior quarter and an increase of 50.8% compared to the prior year.
Sales prices have appreciated 4.5% over the last 5 years in Richlandtown. The average listing price for Richlandtown homes for sale was $176,400 for the week ending November 12, which represents a decline of 0.6%, or $1,010, compared to the prior week and an increase of 6.5%, or $10,771, compared to the week ending October 22.
Average price per square foot for Richlandtown PA was $146, an increase of 20.7% compared to the same period last year.
The median sales price for homes in Richlandtown PA for August 14 to November 14 was $230,000 based on 3 home sales. Compared to the same period one year ago, the median home sales price increased 50.8%, or $77,500, and the number of home sales increased 50%.
There are currently 10 resale and new homes in Richlandtown including 5 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Richlandtown PA was $176,400 for the week ending November 12, which represents a decrease of 0.6%, or $1,010, compared to the prior week.
Buying vs. Renting?
AND THE WINNER IS . . .
Is it better to buy or rent? Whether renting is better than buying depends on many factors. Low mortgage rates are helping to keep home buying more affordable. According to one analysis homeownership is 38% cheaper than renting in the 100 largest metro areas.
Assuming the following:
- Buy a home with 20% down, borrowing the rest over 30 years at a fixed rate of 4.5%.
- Itemize your federal tax deductions and are in the 25% tax bracket
- Stay in your home for at least seven years
- Home prices appreciate at a fairly conservative 2% annual rate
- Source: Trend MLS and Realtor.com