The median home sales price in Pennsylvania hit $205,235 in February, up 3.7% from one year ago. According to the Pennsylvania Association of Realtors (PAR), February’s price is also up 3.5% from January 2024.
February’s home sales totaled 6,934, up from January’s 6,790 sales and roughly the same from February 2023. This occurred despite a 15.7% year-over-year drop of listed homes from 36,507 one year ago to 30,785 last month.
“The ongoing inventory challenge and consumer demand is keeping home prices up in Pennsylvania,” said PAR President Preston Moore. “Many markets are seeing multiple offers on mid-priced homes and the homes are selling within 30 days. The market is continuing to see about three months’ worth of inventory, which is about half of what the industry considers a balanced market,” Moore said. “Inventory levels in the $125,000 to $374,999 range are below a three-month supply, which adds to the complexity of the market for first-time homebuyers.”
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