Pa. Home Price Appreciation Lower Than U.S. Average

Home prices have experienced a positive appreciation each quarter since the third quarter of 2012, with prices increasing significantly post-COVID.

From Q1 2020 to Q1 2024, homes across the country increased in price by 47.7% on average, according to a report by the National Association of Home Builders. Pennsylvania’s home price appreciation is slightly lower at 43.0%.

Comparatively, Florida had the highest price appreciation (67.0%,) and Washington, D.C., had the lowest (14.6%) in the same period.

The report also noted home price appreciation by metro area, which ranged widely from 12.2% to 81.1% nationwide. More than half of all metro areas saw prices rise by more than the national 47.7% average. Home prices in the South and West have increased faster than those in the Midwest and Northeast.

In Pennsylvania, the top five metros with the highest home price appreciations from Q1 2020 to Q1 2024 were:

1. Allentown-Bethlehem-Easton: 57.6%
2. East Stroudsburg: 57.5%
3. Lebanon: 54.3%
4. Reading: 53.8%
5. Lancaster: 53.5%

Despite having double-digit appreciation, these metros ranked lowest in Pennsylvania:

1. Altoona: 22.1%
2. Johnstown: 29.1%
3. Bloomsburg-Berwick: 29.6%
4. State College: 30.7%
5. Pittsburgh: 38.4%