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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greensburg, Pennsylvania, is a charming city located in Westmoreland County. Known for its historic downtown and the iconic Palace Theatre, Greensburg has experienced fluctuating trends in homeownership and housing prices over the past decade. The city has seen a general increase in average home prices, while ownership percentages have shown some variability. Average rent prices have also risen, particularly in recent years.
The homeownership rate in Greensburg has shown interesting fluctuations over the years. In 2013, the city had a homeownership rate of 51%. This rate dipped to 48% in 2014 before recovering to 51% in 2016. The most recent data from 2022 shows a homeownership rate of 55%, indicating a gradual upward trend in recent years. Concurrently, average home prices have steadily increased. In 2013, the average home price was $140,554, which rose to $158,051 by 2016. The upward trend continued, with average home prices reaching $212,274 in 2022, representing a significant 51% increase over the 2013 figure.
Federal interest rates have played a role in shaping homeownership trends in Greensburg. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This likely contributed to the stability and slight increase in homeownership during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Greensburg actually increased from 50% in 2017 to 55% in 2022. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Greensburg have generally mirrored the inverse of homeownership rates. In 2013, 49% of residents were renters, which peaked at 52% in 2014 before gradually declining to 45% by 2022. Average rent prices have shown a notable upward trend, particularly in recent years. In 2013, the average rent was $674, which remained relatively stable until 2017 when it rose to $731. A significant jump occurred between 2019 and 2021, with average rent increasing from $937 to $1,132, a 20.8% rise in just two years. However, 2022 saw a slight decrease to $952, possibly reflecting market adjustments or changes in the local economy.
Looking at the most recent data, the average home price in Greensburg for 2023 was $217,295, showing a continued increase from previous years. In 2024, the average home price has further risen to $222,459. This upward trend aligns with the national interest rate, which stands at 5.33% in 2024, significantly higher than in previous years. These figures indicate a robust housing market in Greensburg, with property values continuing to appreciate despite higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Greensburg to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $250,000 to $270,000, assuming a conservative annual growth rate of 2-4%. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $1,100 to $1,200 per month by 2029, based on historical trends and accounting for potential market fluctuations.
In summary, Greensburg has experienced a notable increase in homeownership rates and average home prices over the past decade. The rental market has seen fluctuations in occupancy rates and a general upward trend in average rent prices. Despite rising interest rates, the housing market in Greensburg appears robust, with continued appreciation in property values. These trends suggest a dynamic real estate market in Greensburg, with potential opportunities for both homeowners and investors in the coming years.