Overview of Lewistown Real Estate Market
Lewistown, PA, presents an appealing market for home buyers and investors due to its relatively low home values and competitive housing landscape. This section examines key data points and compares Lewistown with similar nearby cities.
Understanding Lewistown’s Housing Data
In Lewistown, the median home value is significantly lower than the national average. As of recent data, the median listing price for homes stands at around $139,900. This trend has shown a slight decrease of about 4.5% compared to the previous year.
Houses in Lewistown are more affordable when compared to both the state median and other cities of similar size. For instance, the median home value in Lewistown is around $99,821, which is much lower than Pennsylvania’s overall median price of $318,879.
The housing market in Lewistown is moderately competitive. It scores 67 out of 100, indicating that while there is reasonable competition, it’s not as intense as other markets.
Comparison With Nearby Cities
When compared with nearby cities, Lewistown’s real estate market stands out for its affordability. Many homes in the town are much cheaper than in nearby places, making it an attractive option for those looking to buy property without breaking the bank.
For example, within Pennsylvania, towns like Harrisburg or State College have higher median home prices. This makes Lewistown an appealing alternative for buyers who want to stay within the region but prefer a lower cost of living.
Additionally, Lewistown’s housing market provides a mixture of residential options including single-family homes, which are perfect for families and business owners needing larger spaces. The variety in housing also helps in drawing different segments of the population, from young families to retirees looking for affordable living.
Population and Demographics Insights
Lewistown, PA has a modest population with unique demographic characteristics. This section looks into population growth and density, as well as socioeconomic data that includes income, education levels, and employment statistics.
Population Growth and Density
Lewistown’s population has seen a slight decrease. In 2022, the town’s population was around 8,522 people. Over the past five years, there was a small decline in population, dropping by about 2.0%.
The city is not densely populated, giving it a suburban feel. This can be attractive for families seeking more space compared to densely packed urban areas. Population density impacts local amenities and infrastructure, potentially making Lewistown appealing for those looking for less crowded living conditions.
Analyzing Lewistown’s Socioeconomic Data
Lewistown has a varied socioeconomic landscape. The median household income in 2022 was $36,166. This indicates a growth from the previous year’s median income of $34,423. Educational attainment in the area varies, with a portion of residents holding high school diplomas and some pursuing higher education.
Language and race also contribute to the town’s demographics. English is predominantly spoken in Lewistown, with various ethnic groups making up the community. Understanding these factors helps investors gauge the economic and cultural environment.
Home values are another important factor. With median housing prices around $99,821, homes in Lewistown are more affordable than in many other parts of Pennsylvania. This affordability, coupled with moderate income levels, poverty rates, and educational backgrounds, forms a comprehensive view of Lewistown’s demographics.
This data helps potential investors assess the viability of investing in the neighborhoods of Lewistown, PA.
Qualitative Aspects of Lewistown Neighborhoods
Lewistown, PA offers a range of neighborhoods that provide various living experiences. Focusing on aspects like quality of life and safety concerns can aid potential investors in making informed decisions.
Quality of Life and Livability
Living in Lewistown means enjoying neighborhoods with a suburban feel. Many areas within Lewistown provide more space for the money compared to densely packed cities. This can be particularly appealing for families looking for a good area to raise children.
The cost of living in Lewistown is relatively affordable when compared to larger urban centers. This affordability can significantly impact the overall quality of life by allowing residents to enjoy more space and comfort. The presence of historic architecture adds a unique charm to the residential atmosphere.
Crime Rates and Safety Concerns
Safety is a paramount concern for those considering investment in Lewistown. The crime rate in Lewistown is a critical factor to examine. Potential investors and future residents should analyze trends and reports on safety statistics.
For example, distinct neighborhoods such as Lewistown North and Lewistown West provide insights into local safety conditions. Resources like detailed real estate market analytics are useful for understanding the relative crime rates. These tools can compare the crime levels of various neighborhoods, influencing decisions on where to invest.
Economic Factors and Employment Opportunities
Lewistown, PA presents various economic factors and employment opportunities worth considering. The local industries and job availability in the area significantly influence the economic landscape.
Local Industries and Job Availability
Lewistown has a diverse job market. Manufacturing is a key driver of employment, with several factories and plants in the area. This sector provides numerous job opportunities for skilled and semi-skilled workers.
Retail is another significant industry in Lewistown. Local businesses and national chains offer various positions, from entry-level to management roles.
The healthcare sector also plays an important role. The presence of hospitals and clinics creates jobs for medical professionals and support staff. Additionally, education provides stable employment, with schools needing teachers and administrative personnel.
Despite a higher-than-average unemployment rate of 6.9%, Lewistown’s job market shows promise for future growth with projections of 20.7% over the next ten years. The sales tax rate is 6.0%, which is standard for Pennsylvania.
Learn more about Lewistown’s economy and job market on Sperling’s BestPlaces.
Lewistown’s Housing Inventory
Lewistown offers a variety of housing options, with home prices being significantly lower than the national average. The real estate market shows a diverse housing stock with competitive pricing despite higher vacancy rates.
Types of Housing Available
Lewistown has a mixture of housing types, including single-family homes, townhouses, and apartments. Boroughs within Lewistown feature a range of low-income housing options as well. Apartment complexes are scattered throughout the area, catering to different demographics.
Single-family homes are the most common, reflecting the suburban feel of the town. Townhouses and apartments provide alternatives for smaller families and individuals. Apartments are both in small-scale buildings and larger complexes.
Vacancy Rates and Home Prices
The vacancy rate in Lewistown has seen some fluctuations but remains higher than in many other areas. Higher vacancy rates can indicate a cooler market, making it easier for buyers to find homes. According to recent data, there are around 34 homes listed for sale on sites such as Zillow.
Home prices in Lewistown are relatively low, with median house prices at approximately $99,821. This makes Lewistown an attractive place for investment compared to the national median of $318,879. Real estate prices vary, but homes remain affordable, offering opportunities for first-time buyers and investors.
Neighborhood Profiles and Investment Potential
Investing in Lewistown, PA offers diverse options with varying home values and community features. Below are in-depth profiles of key neighborhoods and the critical factors for making investment decisions.
Highlighting Top Lewistown Neighborhoods
Lewistown North: This neighborhood features a variety of older homes, many built before World War II, offering classic architectural charm. The area is known for its unique real estate market analytics, making it a compelling choice for investors seeking historic properties in a somewhat small but tight-knit community.
Lewistown West: Investors will find valuable insights into the market here, with a mix of residential homes providing good opportunities for rental income. The neighborhood is appealing due to its combination of affordability and stable community environment.
Burnham, PA: Located just outside Lewistown, Burnham offers more suburban settings with affordable housing options. Families often prefer this area for its space and quieter atmosphere.
Yeagertown, PA: Another close-by option, Yeagertown is known for its accessible housing market, making it ideal for new investors. The community is supportive, offering a small-town feel combined with investment potential.
Granville, PA: Granville is perfect for those looking for more rural investments. The area’s larger land parcels can be attractive for those wanting to invest in properties with potential for farming or other land uses.
Reedsville, PA: This neighborhood is more upscale and ideal for investors seeking higher-end properties. It has a mix of new developments and established homes that offer long-term investment promise.
Key Factors to Consider for Investment
Home Values: Median house prices in Lewistown, PA, are significantly lower than the U.S. median. This is a crucial factor for investors looking to maximize their purchasing power. Lewistown homes have a median value of around $99,821, much lower compared to the national median.
Population Trends: Lewistown has seen a slight population decline recently, with a growth rate of -0.4% last year. This can impact rental demand but also offers opportunities to buy low and sell high as the market stabilizes.
Community and Amenities: Proximity to amenities such as schools, parks, and shopping centers is vital. Neighborhoods like Burnham and Yeagertown provide a more suburban feel with ample community resources, making them attractive for family rentals.
Historical Value: Lewistown North’s pre-World War II charm can attract buyers interested in historical properties. Investing in such neighborhoods might provide unique selling points.
Market Analytics: Utilizing market analytics tools can help in understanding the 200 characteristics that influence neighborhood match levels. This data is essential for making informed decisions.
Investors should weigh these factors carefully. Each neighborhood in Lewistown, PA, offers distinct advantages and opportunities, catering to different investment styles and goals.
Accessibility and Amenities
Lewistown, PA offers a variety of amenities and essential services that make it an attractive option for investment. Key features include good transportation infrastructure, access to quality education, healthcare facilities, and recreational services.
Transport and Infrastructure
Lewistown is well-connected with several main roads and highways, making it easy to travel to and from the area. US Route 22 and US Route 322 run through the town, providing direct links to State College and Harrisburg. These routes make commuting relatively stress-free.
The town also has a small public transport system, including bus services that connect different neighborhoods. Additionally, the nearby Amtrak station offers rail services, enhancing the area’s accessibility.
Ample parking spaces and well-maintained streets contribute to a hassle-free driving experience. The town has invested in infrastructure improvements, such as upgraded roads and pedestrian-friendly walkways.
Education, Healthcare, and Recreation Services
Lewistown is home to several educational institutions, offering options from elementary to high school. The town boasts a good education level, with schools focusing on a balanced curriculum. Mifflin County School District serves the area, ensuring educational needs are met.
Healthcare services are robust, with the presence of Lewistown Hospital providing comprehensive care. Multiple clinics and specialist services are also available, ensuring that medical needs are adequately addressed.
When it comes to recreation, Lewistown does not disappoint. The town has several parks, community centers, and sports facilities. Kish Park and Rec Park are popular spots for outdoor activities. Additionally, various restaurants and entertainment venues offer a range of dining and recreational options, contributing to a vibrant community life.
Frequently Asked Questions
Investing in Lewistown, PA can be a lucrative opportunity. Understanding which neighborhoods show promise, how economic indicators play a role, and other crucial factors can help guide your decisions. Here are some common questions answered.
What factors make a neighborhood in Lewistown, PA a good investment opportunity?
Neighborhoods with low median house prices, like the $99,821 reported, can offer significant value. Schools, local amenities, and future development plans also enhance investment potential.
How do economic indicators affect real estate values in Lewistown, PA?
A negative population growth rate, such as the -0.4% recently observed, can influence property values. Economic stability and employment rates are other factors that impact real estate trends.
Which Lewistown neighborhoods are experiencing the most significant growth in property values?
Some areas in Lewistown are experiencing notable property value increases. Comparing home prices within Pennsylvania reveals where the market is heating up and where lies potential for growth.
What are the trends in rental yields within different Lewistown neighborhoods?
Rental yields can vary widely. The median income of $39,588 and home values can determine potential rental returns. Certain neighborhoods may offer higher yields due to demand and price points.
How do school districts influence real estate investment in Lewistown?
School districts play a crucial role. Families often prioritize areas with reputable schools, driving up property values in those neighborhoods. Evaluating school ratings can be essential for investment decisions.
What role does property tax play in choosing a neighborhood to invest in Lewistown, PA?
Property tax rates are a significant consideration. They can impact overall investment returns. It’s essential to compare property tax levels across different neighborhoods in Lewistown to determine their effect on profitability.
