Cranberry Township is a bustling enclave with a lively downtown and gorgeous homes just north of Pittsburgh. This charming Butler County community is among the most desirable western Pennsylvania communities for its fantastic amenities, unique architectural styles, and great local schools. With so many things to love about this affluent community, it has become one of the hottest real estate markets in the region.
Cranberry Township housing market forecast 2023
The Cranberry Township real estate market has long been one of the most dynamic in the region and has maintained its competitive status in the first half of 2023. Here is a look at some factors in the Cranberry Township market moving through 2023:
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Home values increasing: Median home prices in Cranberry Township are rising. As of May 2023, home sale prices in Cranberry Township have risen by 3.5% since the same time last year, or an average of $13,466.
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Fluctuating interest rates: Interest rates nationwide are in flux, and buyers should monitor local rates. As of mid-2023, the interest rate for a 30-year fixed mortgage is 7.26% and continues to vary based on national market factors.
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Investment indicators favor landlords: Homes for sale in Cranberry Township are in high demand, making this a solid market for investors. Long-term profit potential currently sits at an annual rate of 2.30%.
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Positive net population migration: Cranberry Township is experiencing steady population growth of around 2.6%, and the trend looks to continue through 2023.
Cranberry Township housing market trends 2023
Buyer demand and home value are both on the rise in Cranberry Township. Home prices have increased by an average of 3.5% since May 2022. Despite rising market prices, homes have remained in steady demand in this highly desirable community, leading to houses spending less time on the market.
However, sellers are more reluctant to put their houses on the market and assume a new mortgage as home prices rise and interest rates fluctuate. Rising interest rates have also made potential homebuyers turn towards renting, signaling that it is a good time to consider investment and rental properties in Cranberry Township.
How Covid-19 affected Cranberry Township real estate market
Real estate markets nationwide have felt the deep impact of the Covid-19 pandemic. Cranberry Township has recovered quickly from these woes and saw positive growth in median home value, population growth, and buyer demand.
Thanks to factors like a low unemployment rate across the state and high market demand, homeowners in Cranberry Township have experienced continued growth across several market areas. Homes in the community have been appreciating quickly, and the trend looks to continue for the rest of the year.
The increased number of remote workers has led to people leaving large cities and moving to more suburban communities like Cranberry Township, looking for great local schools, larger lots, and a more relaxed pace of life. And the need for a home office space for remote work has led buyers to look at larger homes. The price of homes with five or more bedrooms has risen by 1.2% over the past year.
Cranberry Township foreclosure statistics 2023
Foreclosed homes can go through several stages, from pre-foreclosures to bank-owned to property auctions. Tracking these statistics for a concentrated market can help buyers and sellers make important investment decisions.
Cranberry Township has remained somewhat insulated from the recent rise in foreclosures nationwide, thanks to its low unemployment rate. ATTOM, a foremost market data collection and distribution organization, published low foreclosure and distressed property statistics for the Cranberry Township market in the first half of 2023. So far, there have been 18 completed foreclosures on properties in this community.
Cranberry Township median home prices 2023
The Cranberry Township real estate market has kept pace with national trends, showing upward movement through the first half of this year. Despite an initial slowdown in March 2020 with the beginning of the Covid-19 pandemic and the temporary stoppage of real estate transactions, the Butler County and Cranberry Township housing market rebounded quickly and flourished.
Based on homes sold in the last 12 months, the median sales price in Cranberry Township is $400,666 for an average of $198 per square foot. Mid-size single-family homes have seen the greatest increase in median sales price.
Cranberry Township real estate market: should you invest?
Cranberry Township is one of the most highly sought-after communities in western Pennsylvania. Its excellent local schools, unique homes, and upscale amenities make it an attractive spot for buyers and renters alike.
The Cranberry Township market is forecasted to experience continued growth, making it a wise investment for buyers with an eye on long-term strategies. The five- and ten-year home value predictions show an increase in Cranberry Township home values. With predicted growth for the foreseeable future, this is a solid market for investors, both for homeowners and those looking at rental properties.
Tips for buying and selling in the current market
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Work with an expert agent familiar with the local market: Find an agent with experience buying and selling luxury real estate in Cranberry Township.
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Focus on digital marketing: The increased prevalence of social media means that digital and social media marketing is the best way to both search for and market a home.
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Time your listing well: The market in Cranberry Township tends to be most active in the spring and summer months, so time your sale or search accordingly.
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Consider investing in a rental property: Fluctuating mortgage interest rates and high home prices mean more people are looking to rent, making it a favorable time to invest in a rental home.
Continued growth in the Cranberry Township real estate market
This concentrated real estate market continues to thrive, seeing solid population growth and steady median home prices. Market forecasts point to Cranberry Township properties as solid investment opportunities, showing a trend for continued growth in value.
Ready to make your move?
An experienced real estate agent can help you navigate the evolving Cranberry Township real estate market. Kim Marie Angiulli has years of experience in the regional market, with a particular focus on luxury real estate. Her team can help you with every step of the buying and selling process, ensuring thorough and individualized service. Call Kim today to begin your real estate journey in Cranberry Township.
