Pennsylvania Sees New Record High Median Home Sales Price

The median home sales price rose again for the fifth month in a row since January, according to a report prepared for the Pennsylvania Association of Realtors®. In June, the median home sales price increased nearly 6% to $312,000, up from $295,000 the previous month. The price was up nearly 6% compared to June 2023.

I know many markets around the state are seeing increasing prices and a slight uptick in inventory.

One of the primary reasons we’re continuing to see rising home prices is due to the limited supply of available homes. The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available.

The number of homes listed on the market jumped about 1,000 units to 38,149 in June, which is about the same compared to June 2023. Sales remained level from May to June, with 11,010 transactions.

Last month, the National Association of Realtors® Chief Economist Lawrence Yun said, “Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months. Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

That’s after the median existing-home price for all housing types in May was $419,300, the highest price ever recorded and an increase of 5.8% from one year ago ($396,500).

“Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,” Yun added. “The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning.”

As Realtors®, it’s important to emphasize the value consumers receive when working with a Realtor®, as we provide help in navigating the housing market.

We are experts who know the language, steps and requirements of real estate transactions. We are informed about the intricacies of our markets and utilize the power of our experience to benefit our clients.