Pennsylvania Median Home Sales Price Up in February

PAR’s monthly housing report shows the state’s median home sales price rose to $205,235 in February, up 3.7% from the same time last year and that the price is up 3.5% from January 2024.

Inventory continues to be tight. The number of homes listed on the market dropped by 15.7% in February to 30,785 compared to 36,507 in February 2023.

I think most real estate markets across the commonwealth are experiencing an ongoing inventory challenge and consumer demand. Together these factors are keeping home prices up in Pennsylvania. Many markets are seeing multiple offers on mid-priced homes and the homes are selling within 30 days.

Home sales in February hit 6,934, up from the previous month’s sales of 6,790. Monthly sales were about the same year over year.

The market has about three months’ worth of inventory, which is about half of what the industry considers a balanced market. Inventory levels in the $125,000 to $374,999 range are below a three-month supply, which adds to the complexity of the market for first-time homebuyers.

As Realtors®, we bring tremendous value to our clients. We know real estate and by working with a Realtor®, we can help both buyers and sellers navigate the housing market. Our goal is to increase the homeownership rate for all Americans. Realtors® abide by our Code of Ethics. We can help set consumers’ expectations for making their dreams of homeownership a reality.