Homes sale prices up in York-Adams, but remain affordable

The residential real estate market in York and Adams counties is experiencing a busier than normal fall as home sales stay ahead of last year’s pace.

Median sales prices continued to rise as well, posting year-to-date increases of 12% in both counties.

In September, 816 settlements were recorded in the York-Adams market, up 5.6% from a year ago.

Through the first three quarters, 5,449 houses were sold in York County – 16% more than in 2020 at this point – and 943 in Adams County, a 5% rise.

The report from the Realtors Association of York & Adams Counties also showed the median sale price through last month climbing from $199,150 to $223,100 in York, and from $220,000 to $247,000 in Adams.

From September 2020 to September 2021, the median price went from $229,950 to $255,900 in Adams County and from $205,000 to $241,000 in York County – increases of 11% and 18%, respectively.

“Finishing out the third quarter of the year, the real estate market continued a strong, quick performance,” Tina Llorente, 2021 president of the Realtors Association of York & Adams Counties, said in a release. “The theme of the year continues to be a lack of inventory.”

And houses listed for sale are selling fast. The average days on market is just seven in York and eight in Adams.

Listings continue to receive multiple offers – just not as many as before, she said. Some potential buyers are holding back, perhaps waiting for inventory to swell and prices to moderate.

Asked if escalating prices are making it harder for some to purchase, Llorente said, “We are still really in good shape. … It’s a very, very robust market.”

Rising prices have made houses less affordable but not unaffordable, Llorente explained.

Mortgage payments are still very reasonable compared to many previous markets, she said. “You just have to put it in context.” Low interest rates are helping to offset these price increases, she said. A 30-year, fixed-rate mortgage loan averages above 3%.

Llorente noted that the traditional rule of thumb is that people shouldn’t spend more than 28-30% of their income on housing. The current average is well below that, she said.