Uptown Harrisburg's Housing Market: A Decade of Change and Growth Uptown, a vibrant neighborhood in Harrisburg, Pennsylvania, has experienced significant shifts in its housing landscape over the past decade. This area 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 Uptown has shown a notable trend, decreasing from 49% in 2013 to a low of 40% in 2018, before rebounding to 48% by 2022. This trend closely correlates with changes in average home prices. In 2013, the average home price was $43,930, which steadily increased to $107,439 by 2022, representing a substantial 144% increase over nine years. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $77,835 to $107,439, a 38% increase in just two years.

Federal interest rates have played a crucial role in shaping homeownership trends in Uptown. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial stability in homeownership rates. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observe a corresponding decline in homeownership percentages. The subsequent drop in interest rates to 0.08% in 2021 aligns with the rebound in homeownership rates, illustrating the inverse relationship between interest rates and homeownership.

Renter percentages in Uptown have mirrored the inverse of homeownership trends, peaking at 60% in 2018 before declining to 52% in 2022. Average rent prices have shown volatility, increasing from $842 in 2013 to $914 in 2017, then fluctuating before reaching $990 in 2022. This represents a 17.6% increase in average rent over the nine-year period. The population of Uptown has remained relatively stable, with 10,932 residents in 2013 and 11,068 in 2022, suggesting that rent price changes are more likely influenced by market forces than population pressure.