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Pennsylvania Housing Market Update: Rising Prices and Evolving Trends

iStock

Staff Writer
June 14, 2024

The Pennsylvania housing market is showing notable signs of growth and robust activity. According to Redfin, home prices in the state saw a significant increase of 7.6% year-over-year in May 2024, reaching a median price of $299,300. This rise in prices is coupled with a slight uptick in the number of homes sold, which rose by 1.2%, and a 3.3% increase in the number of homes for sale. The median days on the market dropped to 26 days, down 1 from the previous year. 

In terms of supply, the number of newly listed homes increased by 7.1% year-over-year, suggesting that more homeowners are looking to sell. However, the average months of supply is down to 2 months, highlighting a tight inventory situation despite the rise in listings. This trend is further emphasized by recent data from Zillow, which shows that the average Pennsylvania home value is $269,246, up 5.7% over the past year. Homes go to pending status in around seven days, indicating high demand and quick turnaround times.

More detailed statistics highlight a subtle shift in the market that could bring buyers some relief. In May 2024, 39.8% of homes in Pennsylvania sold above list price, marking a slight decrease of 0.23 points from the previous year. Meanwhile, the percentage of homes with price reductions climbed to 27.8%, compared to 24.0% last May. The sale-to-list price ratio stood at 99.9%, a minor decline of 0.1 points year-over-year, reflecting a market where sellers are still achieving near-list prices, though slightly less frequently than the previous year.

Overall, the state’s housing market remains a dynamic and competitive environment for buyers and sellers alike.