Pennsylvania Home Prices and Listings Increased in February

Pennsylvania saw both prices and listings trending upward in February, with the median home sales price jumping 3% year over year to $287,500. The median price rose about 8.5% compared to January.

PAR’s recent housing report showed the number of homes on the market inched up nearly 2% year-over-year to 33,971 in February and was up 5.5% from January.

This gradual rise in inventory is helping rebalance the market and giving our homebuyers more choices.

Our report shows 3.54 months of inventory on the market, up 2.7% from last year. Homes priced at over $1 million have the most months of inventory, with properties $2 million and up at 13.5 months of inventory. Every home price range has more than three months of inventory, with listings below $125,000 at 4.3 months.

And while home prices are still growing, they’re doing so at a steadier pace, signaling a stabilizing market.

Sales remained about the same year over year, with 6,759 in February; however, they jumped 48% from the previous month.

Our month-over-month sales increased significantly, probably in part due to the more moderate temperatures we’ve been having across the state, as people are beginning to look forward to spring and are ready to enter the real estate market.

The National Association of Realtors® reported that existing-home sales increased by 1.7% month-over-month in February, according to NAR’s Existing-Home Sales Report. 

Dr. Lawrence Yun, NAR chief economist, said in their monthly release, “Inventory is growing, but sluggishly. If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions.”

We know that in this ever-changing market, working with a Realtor® by their side helps ensure that consumers are making informed decisions.