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Gettysburg's Housing Evolution: Rising Home Values and Ownership in Historic Pennsylvania Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Gettysburg, Pennsylvania, renowned for its pivotal role in the American Civil War, has experienced notable shifts in its housing market over the past decade. This historic town has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Gettysburg has shown a distinctive U-shaped trend from 2013 to 2022. Starting at 38% in 2013, it decreased to a low of 33% from 2017 to 2019, before rebounding to 44% in 2022. This trajectory correlates interestingly with average home prices, which have steadily increased from $212,471 in 2010 to $308,799 in 2022, representing a 45% increase over 12 years. The initial decline in homeownership coincided with rising home prices, suggesting affordability challenges. However, the recent uptick in ownership despite higher prices indicates other factors at play, such as changing demographics or economic conditions.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.18%. This favorable borrowing environment likely contributed to the stability in homeownership rates during the early 2010s. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observe a corresponding dip in homeownership percentages. The subsequent increase in homeownership from 2020 to 2022, despite rising interest rates, suggests a complex interplay of factors beyond just financing costs.
Renter percentages in Gettysburg have mirrored the inverse of homeownership trends. The proportion of renters peaked at 67% from 2017 to 2019, coinciding with the lowest homeownership rates. Average rent prices have shown a consistent upward trend, increasing from $756 in 2013 to $1,061 in 2022, a 40% rise over nine years. This increase in rent prices, coupled with the high percentage of renters, indicates a strong rental market demand, possibly influenced by the town's college population and tourism industry.
In 2023 and 2024, Gettysburg's housing market continued its upward trajectory. Average home prices reached $320,654 in 2023 and further increased to $331,344 in 2024, representing a 7.3% rise over two years. This growth occurred despite the Federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Home prices are projected to increase by approximately 3-4% annually, potentially reaching around $390,000 by 2029. Rent prices are expected to follow a similar trajectory, with annual increases of 4-5%, potentially surpassing $1,300 per month by 2029.
In summary, Gettysburg has experienced significant changes in its housing market, characterized by a recent rebound in homeownership rates, steadily increasing home prices, and rising rent costs. The interplay between these factors, along with broader economic conditions and local market dynamics, has shaped a complex and evolving housing landscape in this historic Pennsylvania town.
