Has the time come for you to move on to the next stage of your life? Are you looking for a new career and want a fresh start in another city to find it? Is your family looking for a change of pace by moving to a different state?
Getting ready for a big move can be scary. First, you have to find a home that suits you and your family, and that is no easy feat. Plus, a home may be the biggest investment you will ever make, locking you into a decades-long mortgage. It goes without saying that there is plenty to consider when figuring out where to move.
In terms of locations in the United States, two options you have are the state of Utah and the state of Pennsylvania. Both have unique housing markets that can play a role in your decision of whether or not to move there. Let’s discuss the differences between these two housing markets and why that should matter to you.
The Housing Market in Utah
Let’s start with the Beehive State (that’s right, Utah’s nickname is the Beehive State). The housing market in Utah has been pretty chaotic for the last few years. Housing prices climbed significantly, and many buyers and sellers have been wondering when things would start to slow down. That time may have arrived, as housing prices declined, though not by very much, in the past year.
Average and Median Prices
When you need an overall perspective of the housing market, the average home value and median listing price can be very helpful. This year, the average value of a home in Utah is about $511,000. This number has been climbing for many years but has dropped for the first time in 2023. The median listing price, on the other hand, is about $565,000.
A home value is determined by assessors, while the listing price is set by the seller and their agent. What does this mean for those looking to invest in Utah real estate? You may be spending more than you would in most states across the country to acquire your home.
Competition
Knowing how competitive a market is can help you make the right purchasing decision. When a market is competitive between buyers, it means bidding wars can drive the price of a home higher, or sellers will list their homes for a higher price to start. If competition is high among sellers, then prices tend to drop since homeowners want to entice the few buyers that there are to their properties. Utah is a somewhat competitive market, but homes average about 39 days on the market.
The Housing Market in Pennsylvania
If you are looking for an East Coast state, then Pennsylvania might be the right move. Unlike Utah, the housing prices in this state have continued to climb, although that does not mean they are less affordable. Let’s dive into the average home value and median listing price of a house in this state.
Average and Median Prices
Homes in Pennsylvania are far less expensive than homes in Utah. The average home value is around $257,000. That means across the state, homes are far more affordable than they are in Utah. This is not to say that all homes are close to that number, as you can find houses for sale in Philadelphia for much higher prices that are more luxurious.
The median listing price for a PA home is about $264,500. The fact that the listing prices and home values are so close is a good indication of a healthy market for buyers, as people are not paying absurd percentages over the initial asking price of a house that is far more than the home is worth.
Competition
Pennsylvania is pretty competitive on average. Houses are only staying on the market for about 29 days on average, which means they are receiving offers rather quickly. The number of houses sold has dropped significantly since last year, though the rate fell much faster in Utah over the same period.
Where Will Your Lifestyle Match?
Money is often the most important factor when choosing a place to live. Moving to Utah, for example, may be out of reach for many Americans, but there are a ton of beautiful homes in gorgeous environments that would be worth the investment. On the other hand, homes in Pennsylvania are far more affordable, though far more people are looking to move out of the state rather than into it based on current housing market trends.
When choosing a place to live, make sure you consider other factors outside of the cost, such as the affordability of living, amenities, public transportation, schools, weather, and lifestyle. Choosing between Utah and Pennsylvania may be tough for aspiring homeowners, but each state has its pros and cons, so do your research.
