Pennsylvania Monthly Home Listings Down Nearly 20% Compared to January 2023

The Pennsylvania median home sales price was up 2.4% in January compared to January 2023, however it fell about 7.5% compared to December. The median price was $198,102 in January, compared to $213,699 in December, according to a report prepared for the Pennsylvania Association of Realtors®.

Most markets in Pennsylvania are seeing home prices remain steady with minor increases or declines, showing how purchasing a home remains a good, long-term investment.

Listings continue to be a challenge in nearly every region of the state. In Pennsylvania, home listings are down nearly 20% compared to the same time last year. There were 29,150 listings reported in January, similar to the number of listings in December.

We often see a bit of a seasonal shift during the winter months, with the inclement weather. With mortgage rates falling slightly, we typically can expect to see activity pick up in the spring. The National Association of Realtors® Chief Economist Dr. Lawrence Yun noted last month, “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”

Pennsylvania saw 6,790 sales in January, down about 3.4% from January 2023. Sales fell about 27% from the 8,996 sales in December.

The lower number of sales reflects the lower inventory levels seen in many markets across the commonwealth. There are many potential homebuyers in the market, however the challenge continues to be finding a home that meets their needs.

It’s important to remember that most consumers work with a Realtor®, because they recognize that technology is no substitute for an expert who can help them navigate the homebuying and selling transaction.