As we approach the end of 2023, the real estate market in Chambersburg and throughout Franklin County is showing significant growth, with notable changes in both home sales prices and rental rates.
Soaring housing sales prices
Chambersburg has an especially active real estate market. The median home sales price in September 2023 rose to $260,000, marking a staggering 20.9% year-over-year increase. The value per square foot also rose to $142, indicating strong demand for housing in the area. This upward trend was reflected in October, with median listing price rising 17% year over year to $310,000 and median listing price per square foot of $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, an 11.0% increase from the previous year. The median listing price in the county was approximately $262,849 as of September, an increase of 9.9% from a year ago.
These numbers suggest Chambersburg is at the forefront of Franklin County’s real estate boom and the market is thriving.
Rental market: different situations
Chambersburg’s rental scene was diverse. While residential rental prices ranged from $645 to a high of $3,000, the median rent as of July 2023 was a modest $1,085, surprisingly 10% lower than the same period in 2022. The dollar was cheap.
The average rents for different types of apartments as of November 2023 show an interesting pattern. Studios are $850, one-bedrooms are $995, and two-bedrooms are $1,138. The overall average rent in Chambersburg is $1,245 per month, with options to fit a wide range of budgets.
Average rents for one- and two-bedroom apartments in Chambersburg are $935 and $1,150, respectively, indicating a balanced market for singles and small families.