Pennsylvania Median Home Sales Price Hits Record High

By Preston Moore | May 20, 2024 | 2 min. read

The Pennsylvania median home sales price reached an all-time high of $280,000 last month, according to a report prepared for the Pennsylvania Association of Realtors®. The median home sales price vaulted nearly 25% from March when it was $224,757, and it was up 7.6% year over year.

Pennsylvania is following trends seen nationally. During the National Association of Realtors®’ Legislative Meetings this month, NAR’s Deputy Chief Economist and Vice President of Research Dr. Jessica Lautz noted that the country has seen a record high home price of $389,800 but the worst sales since 1995. She noted that home prices are going up because of low inventory, even though interest rates are going up.

Pennsylvania continues to have a strong real estate market. Most markets throughout the state are seeing strong demand from potential homebuyers, including multiple offers, despite higher interest rates.

Home sales across the state jumped 11% in April compared to the previous month and are up 6% from April 2023.

About 35,500 homes were listed on the market in April, up about 6% from March 2024. However, listings were down nearly 9% compared to the same time last year.

In this ever-changing market, Realtors® help guide our clients through the financial requirements of the transaction while helping them determine the correct offer for a property. Realtors® have expertise and knowledge about the local housing market, which can help buyers make informed decisions during this process.

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