Pennsylvania's Housing Market Witnesses Price Increase in April

News provided by

Pennsylvania Association of Realtors

May 18, 2023, 10:16 ET

Audio quote of Al Perry is available at PARealtors.org/housing-report

LEMOYNE, Pa., May 18, 2023 /PRNewswire/ -- The Pennsylvania housing market saw a surge in its median home sales price in April signaling a seasonal shift, according to a report prepared for the Pennsylvania Association of Realtors®. The median sales price has continued to increase since January, hitting $210,453 in April, up about 7.5% from the beginning of the year. The median home sales price is 2.5% higher year over year.

"Spring is traditionally considered a favorable time to buy a home with milder weather making it easier for potential buyers to view properties and explore neighborhoods," said PAR President Al Perry. "Many families prefer to move during the summer months while school is out."

The number of listings also increased about 6% in April to 35,458, however that remains down nearly 20% compared to April 2022.

"Despite various challenges in the housing market, there's a continued strong demand from homebuyers, showing their desire for homeownership," Perry said. "Many markets are seeing multiple offers on well-priced properties."

Home sales were down slightly from the previous month to just over 9,000 and are about 25% less than the same time last year.

"All real estate is local and a Realtor® knows their local market. They can analyze area trends and design a plan to help clients accomplish their goals. Realtors® bring strong value to the process and they help you maximize a return on your investment," he added. "Realtors® advocate for their clients throughout the entire transaction and build a valued relationship for many years to come."

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