PENNSYLVANIA — The real estate market in Pennsylvania is witnessing a significant downturn, with the number of home sales and listings down by more than 20% year over year. A recent report prepared for the Pennsylvania Association of Realtors® revealed that there were 10,238 home sales in September, marking a slight decrease from August and a nearly 21% drop from the same period in 2022.
The number of listings has also experienced a sharp decline, decreasing by 23% in September compared to last year. The housing market across the commonwealth has remained fairly consistent throughout the year, according to PAR President Al Perry. However, he pointed out that the challenging inventory situation is reflected in fewer sales.
In many markets throughout the commonwealth, buyers have fewer choices and are competing for fewer homes. This competition is exacerbated by the higher interest rates seen over the past several months. The smallest number of homes available continues to be in the $125,000 to $249,999 price range.
The median home sale price has decreased for the third consecutive month, falling 3% from August to $216,249 in September. Despite this downward trend, home prices in Pennsylvania reached a high of $229,004 in June.
“Home prices are 4% higher compared to last year,” Perry said. “Prices remain fairly steady due to the smaller inventory and continued demand.”
Perry emphasized the importance of working with a real estate agent who is a Realtor® during these challenging times. Realtors® help homebuyers maximize opportunities, manage the process, and navigate the complicated homebuying transaction. They are familiar with the local market and are skilled negotiators for their clients.
Despite the decrease in home sales and listings, the Pennsylvania real estate market remains resilient. The current market conditions present both challenges and opportunities for buyers and sellers. As the commonwealth navigates this situation, it will be crucial to keep a close eye on how trends evolve in the coming months.
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