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Harrisville, Pennsylvania: Home Values and Ownership Trends in a Small Borough
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Harrisville, located in Pennsylvania, is a small community with a rich history dating back to the early 19th century. Over the past decade, this charming borough has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Harrisville has shown a general upward trend from 2013 to 2022. In 2013, 75% of residents were homeowners, and this figure increased to 80% by 2022. This rise in homeownership coincided with an overall increase in average home prices. In 2016, the average home price was $140,675, and it steadily climbed to $195,754 by 2022, representing a significant 39% increase over six years.
The relationship between federal interest rates and homeownership rates in Harrisville follows a well-established trend. As interest rates remained relatively low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates generally increased. For instance, when interest rates were at 0.08% in 2021, homeownership reached its peak at 84%. This aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Renter percentages in Harrisville have generally decreased as homeownership rates increased. In 2013, 25% of residents were renters, which decreased to 20% by 2022. Despite this decline in the renter population, average rent prices have shown an upward trend. The average rent increased from $686 in 2013 to $749 in 2022, representing a 9% increase over nine years. This rise in rent prices, despite a decreasing renter population, may be attributed to broader economic factors and increased housing demand in the area.
In 2023 and 2024, Harrisville's housing market continued to evolve. The average home price in 2023 reached $199,129, the highest point in the observed period. However, in 2024, there was a slight decrease to $195,547. This minor downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the slight cooling of the housing market.
Looking ahead, based on current trends and economic indicators, we can forecast potential 5-year trends for average home and rent prices in Harrisville. If the current pattern continues, average home prices could potentially reach around $220,000 to $230,000 by 2029. For rent prices, if the upward trend persists, we might see average rents in the range of $850 to $900 per month in five years.
In summary, Harrisville has experienced a notable increase in homeownership rates and average home prices over the past decade. The inverse relationship between homeownership and renter percentages, coupled with rising rent prices, suggests a competitive housing market. The recent slight decrease in home prices, coinciding with rising interest rates, indicates the market's sensitivity to broader economic factors. These trends paint a picture of a dynamic real estate landscape in this Pennsylvania borough, with potential for continued growth and changes in the coming years.
