Pennsylvania Continues to Experience Record Highs in Median Home Sales Price

By Preston Moore | June 19, 2024 | 2 min. read

According to a report prepared for the Pennsylvania Association of Realtors®, the median home sales price surged to $295,000 in Pennsylvania last month. Up more than 5%, the state’s median home sales price rose from $280,000 in April 2024 and was up 8.2% compared to May 2023.

The Pennsylvania market is seeing median home sales prices continue to increase and reach new highs. Compared to May 2020, prices are up more than 75%. Realtors® across the commonwealth are experiencing a robust demand for housing. While the number of listings on the market has increased, the market continues to experience a limited supply of homes.

This reflects conditions across the country. At the end of last month, the National Association of Realtors® Chief Economist Lawrence Yun said, “Home prices are hitting record highs, but the pace of gains should decelerate with more supply. However, the prospect of measurable home price declines appears minimal. The few markets experiencing price declines will be viewed as second-chance opportunities for buyers to enter the market if those regions continue to add jobs.”

The number of listings on the market swelled to 37,463 in May, up about 5% from the previous month, but down more than 5% compared to the same time last year. The number of homes listed is down 40% compared to May of 2020.

The increased home sales reflected the expanded inventory numbers in May. Home sales across the state advanced nearly 15% in May compared to the previous month and are up 2.5% from May 2023.

It’s important for Realtors® to show the critical role we have working with homebuyers and sellers as they navigate the real estate market.

Realtors® help their clients avoid costly pitfalls and prevent risks in the real estate transaction. They advise clients in making, evaluating and negotiating offers, while helping their clients keep their personal objectives at the forefront during what oftentimes is an emotionally intense decision.

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