State’s Housing Market Sees Median Price Uptick in May

Today’s the first day of summer and with warmer weather, we expect to see more activity in the real estate market.

So, it was encouraging to see a slight increase in the number of listings on the market in May with 36,146, compared to 35,458 in April, giving potential buyers a few more options. However, that’s still 23% lower compared to May 2022.

We also saw a $9,000 spike in the median home sales price last month, hitting $219,811, according to a report prepared for the Pennsylvania Association of Realtors®.

The median sales price in May was slightly higher than the peak price we saw in July last year, which was $219,154. Pennsylvania’s median price has increased each month since January, with a 4% bump in May.

Home sales in May were up compared to April, with 10,967 sales. Compared to the same time last year, sales are down more than 17%.

I recently heard from several fellow PAR officers, who said their markets were all experiencing similar conditions. They reported seeing competing offers, even on homes that may not be in terrific shape, and offers over the listing price are still common. Buyers may not be offering tens of thousands over asking like we saw during the pandemic, but some are bidding up to $10,000 over the asking price.

As the housing market continues to grapple with the inventory shortage, Realtors® are there for their clients. There remains robust demand from homebuyers. That, along with rising prices, has certainly made it a challenging environment for many homebuyers. That’s when they look to their trusted real estate professional for our expertise. Realtors® can help set expectations for both their buyers and sellers. Buyers look to us to help find a home within their price range and assist them in making a competitive offer. And we help sellers understand the market conditions and helping them show their home in the best possible light.