While Monroe County has experienced increased market values and held steady, othering neighboring counties in the Poconos are now seeing small decreases in their housing market values.
The market in the Poconos is also experiencing a tight supply, due to the increasing number of investors driving up home prices.
Becky Freeman has been a realtor in the Poconos for nearly 30 years. In that time, she has seen many a market fluctuation, such as the market highs of 2004 and the crash of 2007— but it’s nothing like what she describes now.
“The tight supply in real estate right now is mainly in part to the new Airbnb investors. After the COVID-19 pandemic, investors have bought or flipped everything they can into a short-term rental. They are able to pay top dollar, above and beyond the actual appraised values and therefor inflating or rather recreating a new market value.”
Realtor Yarrow Wilkins said one of the biggest challenges for buyers, particularly first-time home buyers, are the buyers coming in to purchase short-term rental properties,
“These people have the ability to pay significantly more than even a traditional second homebuyer. They can rent it weekends or week after week and so they care far less about the purchase price, often paying cash or above the property value. This type of buyer is going to keep driving our market up as opposed to it leveling out.” Wilkins told this news organization in May.
“If I get 50 calls in my office, 45 of them are people looking to purchase a house to be used for short term rental,” said Wilkins. “It’s huge. Because again, we geographically sit right near Manhattan, right near the Bronx and right near Philly. We are an easy location. I’d estimate this makes up at least 70-80% of the people looking to buy in this area.”
Monroe County home prices hold steady
A typical Monroe home listed for $350,000 in June, up 0.1% from the previous month’s $349,500, an analysis of data from Realtor.com shows.
The median list home price in June was up about 25% from June 2021. Monroe County’s median home was 1,974 square feet for a listed price of $173 per square foot.
The Monroe County market was busy, with a median 34 days on market. A month earlier, homes had a median 33 days on market. The market added 508 new home listings in June, compared with the 516 added in June 2021. The market ended the month with some 796 listings of homes for sale.
The median home prices issued by Realtor.com may exclude much, or even most, of a market’s homes. The price and volume represent only homes that are single-family homes, condominums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
Priced out?First-time home buyers are facing uphill battle in Poconos
March data:Record hot real estate market pushes Monroe County home prices to $265,000
Elsewhere in the Poconos
A typical Wayne County home listed for $344,500 in June, down 1.6% from the previous month’s $349,950, an analysis of data from Realtor.com shows.
The median list home price in June was up about 15% from June 2021. Wayne County’s median home was 2,222 square feet for a listed price of $165 per square foot.
The Wayne County market was busy, with a median 48 days on market. A month earlier, homes had a median 39 days on market. The market added 220 new home listings in June, compared with the 256 added in June 2021. The market ended the month with some 374 listings of homes for sale.
Pike County’s home prices fell 8.3%, to a median $299,900, from a month earlier. The typical house was on the market for 37 days, from 34 days a month earlier. The typical 2,169-square-foot house had a list price of $149 per square foot.
Lackawanna County’s home prices rose 4.4%, to a median $240,000, from a month earlier. The typical house was on the market for 42 days, from 36 days a month earlier. The typical 1,970-square-foot house had a list price of $120 per square foot.
Across all of Pennsylvania, median home prices were $299,000, rising 2.2% from a month earlier. The median Pennsylvania home for sale had 1,750 square feet at list price of $174 per square foot.
Across the United States, median home prices were $450,000, up 0.7% from a month earlier. The median American home for sale had 1,887 square feet, listed at $228 per square foot.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what’s happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.
Maria Francis covers housing and real estate in the Poconos and is based at the Pocono Record. Reach her by emailing [email protected]