Pennsylvania Median Home Sales Price Rises Again

The median home sales price in Pennsylvania rose again in November, according to a report prepared for the Pennsylvania Association of Realtors®. The median existing home sales price last month was $216,386, up nearly 14% year over year and up about 3% from October’s median price of $210,132.

Last week, Dr. Lawrence Yun, NAR chief economist, noted in NAR’s Real Estate Forecast Summit, that the median home sales price nationwide in 2000 was $150,000, compared to around $400,000 in 2022. This certainly shows how owning a home is a good, long-term investment.

While these numbers don’t reflect the two decades that the national ones do, in Pennsylvania, the November 2017 median home sales price was $137,000, compared to last month’s $216,386.

We saw home sales slide 10% in November to 9,663 compared to October and are down nearly 29% over the same period last year.

We’re seeing shifts in the real estate markets throughout the state. The restricted inventory has kept home prices level or going up slightly in most markets. I know many Realtors® I’ve spoken to while traveling recently have noted that they’re still seeing multiple offers as well. This limited number of homes on the market, as well as higher mortgage rates, has caused a slowing of sales. Economists on NAR’s summit noted that the market will mostly likely settle to pre-pandemic numbers.

It’s also a positive sign that we’ve seen the mortgage rates come down in the past month, so that’s certainly good news for potential homebuyers.

The number of listings declined again last month to 34,894, down 24.2% year over year and our report shows that we have just 2.86 months of inventory – half of what is considered a balanced market.

As consumers decide to enter the market, now more than ever, Realtors® are crucial to helping them navigate this changing market. Realtors® understand local market conditions and can help set expectations for both buyers and sellers who want to enter the market.