Harrisburg Named One of the Best Cities for Sellers

Demand for housing remains strong in the state capital.

According to Realtor.com®, Harrisburg is the eighth best city for sellers right now. As the market cools and once sky-high demand wavers, homes in the Harrisburg area are still moving steadily off of the market at asking price.

“While rising interest rates and prices have had an impact on the number of buyers, we are still feeling the effects of the inventory shortage. Competition remains strong among those buyers who are still in the market,” said Tracy Klinger, vice president of the Greater Harrisburg Association of Realtors®.

The report found that the median list price in Harrisburg was $322,400 in February, an increase of 16.1% year over year in price per square foot.

“When interest rates increased, we thought the market would balance out more, there would be less buyers and the supply we had would even out more than it had, however, that was not the case,” said Wendell Hoover, president of GHAR. “These last 30-45 days, the inventory is even less, and we’re back to seeing multiple offers.”

Hoover said that during the frenzy of the market in the pandemic, he saw houses leave the market in two days, and now they are lingering slightly longer, lasting a week to 10 days.

Additionally, houses priced correctly are selling for their list price or above still, added Hoover. Yet, despite sellers doing well in the area, it’s a bit of a chicken or the egg situation locally.

“For possible sellers looking to stay in the area, they are finding it’s a challenge to find a new home,” added Hoover. “There are people holding off on listing because there is only a handful of properties listed and they can’t find one that works for them.”

“Central Pennsylvania is a desirable place to live. We have less inventory now than we did during the pandemic. Buyers may feel frustrated now. But there are a segment of buyers hoping there will be more options in the spring and they’ll have to compete less. Currently, it is a strong sellers market,” added Hoover.