Pennsylvania Median Home Sales Price Increased in March 

Pennsylvania has seen the median home sales price continue to inch upward in March. The median sales price has risen since January, to $200,787 in March, up about 2%, according to a report prepared for the Pennsylvania Association of Realtors®. The price is also about 2% higher than it was the same time last year.

As I’ve traveled across the state, I’m hearing that many markets are continuing to see a steady demand despite the higher interest rates we’ve seen over the past year. And with the recent mortgage rate decreases in the past several weeks, current buyers will see savings on their monthly payments.

In fact, Dr. Lawrence Yun, NAR’s chief economist, recently said that the decline in the past several weeks would save buyers about $140 per month on a $300,000 loan.

The number of homes sold in March was up compared to the previous month at more than 9,700, but that number declined more than 17% year over year.

The number of listings was up slightly in March over February, but we continue to see significantly fewer listings compared to last year in most markets. We’re down about 20% over the same time last year, which has resulted in fewer sales this year. And listings are down about 58% since March 2020.

Dr. Yun has noted in the past that across the country, the industry has a shortage of about 5 million homes to meet current needs.

Realtors® continue to promote homeownership despite higher interest rates, because we know real estate is still a strong investment. Time has proven that. Over time, an investment in homeownership today will pay dividends.