Housing Tracker Shows Shale Development Increasing Property Values in Pennsylvania
“In the South Hills, we’re seeing a three percent appreciation in pricing,” said Saxon, who lives in Peters Township. “There is more of an increase taking place in Washington County than in Allegheny County.”Continue reading by clicking here.
What is driving the growth in Washington County and the region as a whole is the Marcellus Shale boom, Saxon said. According to the U.S. Bureau of Labor Statistics, Pennsylvania’s increase in annual average oil and natural gas industry employment between 2007 and 2012 increased by 259.3 percent. A little fewer than 300,000 people in Pennsylvania are now either directly or indirectly employed by that industry, according to the state.
Besides location, the quality of the school districts is another reason why buyers are looking in the South Hills.
Both Casey and Saxton said the market for first-time homebuyers in the South Hills should be strong in 2015 because funds are available. But, Casey said interest rates are expected to go up sometime next year. That, in turn, should drive more first-time buyers into the housing market who want to take advantage of low interest rates before they start to climb.
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