Buying a home involves more than just picking a place to live—it’s an investment, a commitment, and a crucial part of financial planning. Recently, the real estate market has seen big changes, with home prices and mortgage rates going up. This makes affordability a major concern for potential buyers.
In December, the average home value in the US was $344,000, a slight decrease from the previous year but typical for seasonal trends. However, as of January 25, the 30-year fixed mortgage rate has risen to 6.69%, making monthly payments higher for new homeowners.
While home prices are increasing nationwide, some cities in Pennsylvania have seen particularly steep rises, making them among the most expensive places to buy a home in the state. Factors like location, size, age, and condition of the property influence these prices.
Here are the top three cities in Pennsylvania with the most expensive homes, based on data from Zillow and Stacker:
1. Devon: Located in the Philadelphia-Camden-Wilmington metro area, Devon has the highest average home value in Pennsylvania at $852,125. Home values here have increased by 9.5% in the past year and by 44.5% over the past five years, indicating strong demand and potential for investment.
2. Edgeworth: Part of the Pittsburgh metro area, Edgeworth has an average home value of $849,552. Home values have risen by 7.4% in the past year and by 39.0% over the past five years, showing consistent growth and attractiveness to homeowners.
3. Berwyn: In the Philadelphia-Camden-Wilmington metro area, Berwyn’s average home value is $831,796. Home values here have increased by 6.2% in the past year and by 42.2% over the past five years, reflecting a robust and continuously growing real estate market.