Pennsylvania Median Home Sales Price Up in February

News provided by

Pennsylvania Association of Realtors

Mar 21, 2024, 13:26 ET

LEMOYNE, Pa., March 21, 2024 /PRNewswire/ -- The Pennsylvania median home sales price rose to $205,235 in February, up 3.7% from the same time last year, according to a report prepared for the Pennsylvania Association of Realtors®. The price is also up 3.5% from January 2024.

The number of homes listed on the market dropped 15.7% in February to 30,785 compared to 36,507 in February 2023.

"The ongoing inventory challenge and consumer demand is keeping home prices up in Pennsylvania," according to PAR President Preston Moore. "Many markets are seeing multiple offers on mid-priced homes and the homes are selling within 30 days."

Home sales in February hit 6,934, up from the previous month's sales of 6,790. Monthly sales were about the same year over year.

"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."

"Working with a Realtor® can help buyers and sellers navigate the real estate market and help set expectations for making their dreams of homeownership a reality," he added.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of Realtors