Pennsylvania’s Median Home Sales Price Jumps in June

We saw a record high median sales price of $229,004 in June, climbing 4% over May’s high of $219,811. A report prepared for the Pennsylvania Association of Realtors® shows the median price was up 5.5% from 2022.

While much of Pennsylvania’s housing market continues to see an increase in prices, it’s worth noting that the market is complex and can vary across the commonwealth. While a majority of markets throughout the state are seeing price increases, other areas may see price stabilization or even moderate declines.

Price surges may benefit sellers and homeowners in the short term, but we know they can present challenges for prospective buyers, particularly those with limited budgets. That’s why it’s so crucial for buyers and sellers to work with a real estate professional who understands local market conditions to help guide them through the transaction.

Sales jumped 12% in June compared to May this year, hitting 12,383. Sales are down 19.5% year over year. Listings dropped slightly in June compared to May and are down 27.5% from 2022.

One of the greatest challenges our industry is facing today is the lack of inventory due to a number of reasons including a decade of underbuilding homes, a large number of millennials looking to establish a home and homeowners who have a low mortgage rate staying in their homes.

Realtors® are advocates for their clients. We’re able to help clients create a plan so they can achieve homeownership.