As we approach the end of 2023, the real estate market in Chambersburg and the broader Franklin County area has shown significant growth, with both home sales prices and rental rates experiencing notable changes.
Soaring Home Sales Prices
In Chambersburg, the real estate market has been particularly vibrant. The median home sold price soared to $260,000 in September 2023, marking an impressive 20.9% increase from the previous year. The value per square foot also rose to $142, indicating a robust demand for homes in the area. This upward trend was echoed in October, where the median listing price climbed to $310,000, up by 17% compared to last year, with a median listing price per square foot at $154.
Franklin County as a whole wasn’t far behind. The average home price in the county reached approximately $255,250 as of April 2023, a growth of 11.0% year-over-year. The median listing price in the county, as of September, was around $262,849, up by 9.9% from the previous year.
These figures suggest a thriving market, with Chambersburg leading the charge in Franklin County’s real estate boom.
Rental Market: A Mixed Bag
The rental scene in Chambersburg presented a diverse picture. While the range for house rentals varied from $645 to a high of $3,000, the median rent as of July 2023 stood at a modest $1,085, which was surprisingly $10 less than the same period in 2022.
The average rent for different types of apartments as of November 2023 showed an interesting pattern: $850 for a studio, $995 for a 1-bedroom, and $1,138 for a 2-bedroom apartment. The overall average rent in Chambersburg was $1,245 per month, offering options for a wide range of budgets.
1-bedroom and 2-bedroom apartments in Chambersburg were renting for an average of $935 and $1,150, respectively, indicating a balanced market for singles and small families.