Pa. Median Home Sale Prices Hold Steady

Our statewide median home sales price of homes climbed slightly in November to $218,380, which was up from $217,537 in October and is the same as it was a year ago.

Pennsylvania’s median sales prices have displayed remarkable stability this year. Despite other economic variables, median prices have remained relatively steady, showing that owning a home is a great investment for building wealth.

The monthly housing report prepared for the Pennsylvania Association of Realtors® shows the number of listings on the market continues to be down compared to previous years. There were 34,394 listings on the market in November, down 22% year over year and down about 7% compared to October.

Most of your local markets are still experiencing a challenging inventory situation. With interest rates having dropped slightly, we may begin to see more potential buyers entering the market. Many economists are predicting that in the new year will see some homeowners who will be ready to put their homes on the market.

It was great to see the National Association of Realtors® recognize two Pennsylvania regions as having the most pent-up housing demand, which it expects to outperform other metro areas in 2024. The Harrisburg/Carlisle market was ranked No. 5 out of the top 10. The report noted “… the anticipated decline in mortgage rates next year, both inventory and buying activity are expected to grow further in this area as existing homeowners sell their homes. Notably, 42% of homeowners have already surpassed the average tenure of 15 years for this area.”

In addition, the Philadelphia/Camden/Wilmington market was ranked No. 8, with the report stating, “This market is set to experience a boost, driven by pent-up demand from buyers and
sellers, as the rate lock-in effect begins to ease next year.”

You can read more in NAR’s 2023 Markets with the Most Pent-up Demand report.

In our Pennsylvania report, we saw 9,130 home sales in November, down from 9,975 in October and down 10% year over year.

Realtors® are trusted advisors to consumers. Whether buying or selling a home, we help consumers navigate financial, legal and community aspects of selling or buying a home in what are the most complex and significant transactions most people will ever make in their lives.