Average home listing price hits $300,000

According to a recent realtor.com® report, the U.S. median listing price in March 2019 was up 7% year-to-year.

The site found that the median listing price was $300,000. Homes were also on the market longer than March 2018, selling in 65 days, compared to 63 days last March. In the larger U.S. metros, the average home was on the market for four days longer than last March.

Nationwide, inventory increased 4% year-to-year, and grew 9% in large metros, meaning about 56,000 more homes are on the market now. This is a slower growth than February’s year-to-year report, in which new home listings rose 6% nationally and 11% in metros. The report predicts that inventory growth will continue to slow down. Price reductions on homes rose 1% year-to-year, a decrease from February’s report.

Both Pittsburgh and Philadelphia saw new listing and median listing price growth.  

In the Philadelphia metro, active listings grew 3% year-to-year, new listings grew 1% , while the median listing price was up 9%. The share of homes who reduced their listing price was 1% and the median days on the market year-to-year was down one day.

In Pittsburgh, active listings decreased 5% year-to-year, new listings grew 4%, while the median listing price was up 3%. The share of homes who reduced their listing price was zero and the median days on the market year-to-year was down 10 days.