Pennsylvania’s Housing Market Sees Price Jump in April
By Al Perry | May 18, 2023 | 2 min. read
The Pennsylvania housing market saw a surge in its median home sales price in April, signaling a seasonal shift. The median sales price has continued to increase since January, hitting $210,453 in April, up about 7.5% from the beginning of the year. The median home sales price is 2.5% higher year over year, according to a monthly report prepared for PAR.
Spring is traditionally considered a favorable time to buy a home with milder weather making it easier for potential buyers to view properties and explore neighborhoods. Many families prefer to move during the summer months while school is out.
I know in my market, spring is a popular time for families to move, because it allows them to settle into their new home before the start of the new school year. We typically see an increased demand for homes during in the spring and a slight bump in inventory in April helps provide more options for buyers. The number of listings increased about 6% in April to 35,458, however that remains down nearly 20% compared to April 2022.
I think that despite various challenges in the housing market, there is a continued strong demand from consumers, showing their desire for homeownership. Many markets across the commonwealth are seeing multiple offers on well-priced properties.
Home sales were down slightly from the previous month to just over 9,000 and are about 25% less than the same time last year. This is as a direct result from the lower inventory we’ve continued to see.
It’s a good time to remind consumers that all real estate is local and a Realtor® knows their local market. We can analyze area trends and design a plan to help clients accomplish their goals. We bring strong value to the process and will help maximize a return on our clients’ investment.
As Realtors®, we advocate for our clients throughout the entire transaction and build a valued relationship for many years to come.
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