Metropolitan Statistical Area (MSA):
Warren, PA is a Metropolitan Statistical Area (MSA) comprising counties including Warren County.
There is no doubt that the real estate market in the Warren, 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 Warren MSA housing market is the increasing popularity of "fixer-upper" properties. With many buyers still being cautious about taking on too much debt, there has been a shift towards properties that may need some work but are priced accordingly. This has especially been true in the lower price ranges where first-time buyers are active.
Another trend that is being seen is an increase in cash sales. This is likely due to a combination of factors including stricter lending standards and more investors looking for bargains. Whatever the reason, cash sales made up a significant portion of transactions in 2017 and are expected to continue to be a factor going forward.
Overall, it seems that the Warren MSA housing market is slowly but surely returning to its pre-recession glory days. Prices are rising, albeit at a slower pace than before, and there is increasing activity from both buyers and sellers alike. If you're thinking about buying or selling a home in this area, now may be a good time to do so!