Last year’s Pennsylvania housing market reflected what we’re seeing throughout the country. Home prices in the commonwealth rose 14% last year reaching a median price of $192,040, up from $168,152 in 2020, according to a housing market report prepared for the Pennsylvania Association of Realtors®.
The median price in December was $194,637, up about 9% compared to $178,475 in December 2020.
Most of you are continuing to see a rapid pace in your local markets. Our reports show the state has seen a steady increase in prices. The median home sale price is up about 37% compared to approximately $140,000 in 2017. That reflects what you and I both know – purchasing a home is a good, long-term investment for consumers, particularly when interest rates remain relatively low.
In nearly every market, inventory continues to be a challenge. Listings were down 26% in December, compared to the same time in 2020. There were more than 152,000 fewer listings in 2021 compared to the previous year. That makes it difficult for buyers looking to purchase a home, particularly as we’ve seen more buyers enter the market.
The tighter inventory has led to the number of home sales declining about 5.5% in December, compared to the same time in 2020.
The challenges of today’s market continue to be a reason for both buyers and sellers to work with a Realtor® who has the expertise needed to navigate the transaction. I don’t have to tell you that! With limited inventory and multiple offers, it helps to have someone you can trust help you through this process.