Metropolitan Statistical Area (MSA):

Somerset, PA

Somerset, PA is a Metropolitan Statistical Area (MSA) comprising counties including .

Housing Market Trends in the Somerset, PA Metropolitan Statistical Area

There is no doubt that the real estate market in the Somerset, PA metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching record highs in 2006 and 2007, prices came crashing down during the Great Recession of 2008 and 2009. However, since bottoming out in 2010, prices have been steadily climbing back up again and are now approaching pre-recession levels.

One of the most notable trends in the Somerset MSA housing market is the increasing popularity of townhomes and other attached dwellings. In 2006, detached single-family homes made up nearly two-thirds of all sales but by 2016 that figure had fallen to just over half. This shift is being driven by a number of factors, including changing demographics (more young adults are choosing to live in smaller, more affordable homes) and a desire for low-maintenance living.

Another trend that is having an impact on the Somerset MSA housing market is the increasing number of people working from home. Thanks to advances in technology, more and more people are able to do their jobs remotely, which means they don't necessarily need to live in close proximity to their place of work. This has opened up new opportunities for people who want to live in rural or suburban areas but still have easy access to urban amenities.

Overall, the real estate market in the Somerset MSA appears to be healthy and poised for continued growth in the coming years. Townhomes and other attached dwellings are becoming increasingly popular, while at the same time more people are working from home which is opening up new areas for development

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