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Penn State Extension: COVID-19 & Residential Property Sales…
February 16, 2022 @ 12:00 pm - 1:15 pm
COVID-19 & Residential Property Sales in Rural Pennsylvania
1.25 CM credits (pending approval)
The COVID-19 pandemic and extended period of business closures made many Americans re-examine their living and working conditions. Such re-examinations affected housing markets in Pennsylvania, which have seen an increase in rural home purchases and a decrease in urban home purchases in 2020. The Center for Rural Pennsylvania recently published a report “Welcome to Rural Pennsylvania: COVID-19 and Residential Property Sales” which analyzed the impact of COVID-19 on residential property sales throughout Pennsylvania.
The Center for Rural Pennsylvania analyzed data from the Pennsylvania State Tax Equalization Board (STEB) and the residential property transfers from county assessor’s offices in five counties: Monroe, Pike, Wayne, Susquehanna, and Somerset. The study findings showed an overall increase in rural home sales during the pandemic, however, some rural counties did have a decrease in sales during the pandemic, analysis of the five case study counties provided some evidence that new rural homebuyers came from counties with higher COVID rates and many of the residential purchases in rural Pennsylvania occurred after the 2020 Census survey deadline.
This webinar will present the findings of the Center for Rural Pennsylvania pertaining how COVID-19 affected residential property sales in Pennsylvania, which include out of state property owners and what are implications for those counties that experienced increased residential property sales. In addition, a Monroe County planner will discuss the how residential sales have increased significantly in both number and value as has been seen in other areas of eastern Pennsylvania making relocation from metropolitan areas an attractive option. However, in Monroe County according to the recent Census and local school enrollment data the resident population has actually decreased. The Short-term rental market in Monroe County has played a role What makes Monroe County interesting is the role Short Term Rentals have played in this, as according to the recent Census and local school enrollment data, resident population has actually decreased. STR speculation and record numbers of issued STR permits are seriously affecting the local market, and together with the impact of the pandemic, complex housing issues are now at the forefront of local planning concerns.