Gettysburg, PA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Gettysburg, PA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The HPI covers single-family homes with one to four units and condominiums with one to four units. The HPI is published monthly and quarterly, and annual data are available back to 1975.

The Gettysburg FHFA HPI value for all homes was $205,900 in the fourth quarter of 2019, up 1.3 percent from the fourth quarter of 2018. This increase marks the 28th consecutive quarterly increase in the index value and continues a trend of strong home equity growth since bottoming out in early 2012. Home prices in Gettysburg have now recovered by more than 30 percent from their pre-recession peak and are at an all-time high.

The Gettysburg housing market has been driven by strong economic fundamentals including population growth, job creation, and low interest rates. The area’s population has increased by nearly 5 percent since 2010, while employment has grown by more than 6 percent over the same period. Low mortgage rates have also made buying a home more affordable for many families. The average 30-year fixed mortgage rate was just 3.6 percent in 2019 – down from 4.5 percent in 2018 and nearly 5 percent as recently as 2016.

Looking ahead, it is unclear how long the current expansion can continue without a significant slowdown or correction. However, given the strength of the economy and demographics in Gettysburg, it is likely that any future downturn will be relatively mild compared to past recessions.