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Butler County's great daily newspaper

Home values expected to rise

New report looks at county market

Butler and Cranberry townships are among the hottest real estate markets in Western Pennsylvania, according to an annual report from a real estate and rental marketplace website.

The January report from Zillow.com tracks real estate markets in metro areas around the country — including in Western Pennsylvania, where the Pittsburgh area saw a surge in peak home values last year.

According to the company’s report, most communities in the region saw home prices increase throughout 2017, when municipalities like Butler and Cranberry townships set new peak home values in late 2017.

According to Zillow, Cranberry Township’s median home value is currently $287,000. That’s down slightly from November 2017, when median home values in the township set a new peak of $289,500. Home values in the township bottomed out in 2009, in the wake of the stock market collapse and the inception of The Great Recession.

In Butler Township median home values are much lower, at $135,100 according to Zillow’s report. That’s down slightly from September 2017, when the township set a new peak median home value of $138,000. Home values in the township bottomed out in the third quarter of 2012, according to Zillow.

The surge in home values in those two municipalities helped to drive an overall increase in home values in Butler County last year.

According to the company’s report, in January the median home value for Butler County was $196,800 — down slightly from a peak of $200,600 which was set in August 2017. The company said it expects home values to continue to rise throughout 2018, and approach the 2017 peak

According to the report, home values in the county bottomed out in the fourth quarter of 2009.

The report can be viewed at http://bit.ly/2HOqi3h.

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