The Pennsylvania median home sales price rose year over year, hitting $315,000 in April. Median home sale prices have jumped nearly 19% since the start of the year and are up 3% YOY in the past three months. Last month, the price was up 7.4% compared to the same time last year and up 5% over March, according to the latest housing report prepared for the Pennsylvania Association of Realtors®.

Sales increased by more than 15% compared to the previous month, hitting over 9,400 in April. However, they fell 8% YOY.

Home prices have continued to rise this year in many markets throughout the commonwealth. Limited housing supply, steady buyer demand and homeowners staying in place longer have helped keep upward pressure on home prices.

The National Association of Realtors® reported existing-home sales increased by 0.2% month-over-month in April.

NAR Chief Economist Dr. Lawrence Yun said, “Inventory still remains tight. Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”

In Pennsylvania, the number of listings on the market is up from the previous month, although down compared to the same time last year. There were more than 40,000 listings in April, compared to 37,260 in March.

Across the commonwealth, the lowest number of listings is in the $125,000 to $374,999 range, with under four months of inventory. Homes listed below $125,000 and between $375,000 and $749,999 have more than four months of inventory, while homes listed over $750,000 have more than five months of inventory.

For homeowners, rising prices continue to build equity and strengthen familial wealth. For buyers, the market remains competitive, making it more important than ever to understand local conditions, pricing trends and negotiation strategies. We know that working with a Realtor® can help homebuyers navigate the changing real estate market trends.