Sign In
Upcoming Event
Free Newsletter
Pennsylvania home prices drop, but remain up over last year
Stacy Wescoe//November 18, 2021
After peaking in June, home prices in Pennsylvania dropped in October, but are still higher than they were one year ago.
The Pennsylvania Association of Realtors is reporting that median home prices in the state dropped slightly to $192,582. That number, however, is still about 10% higher than the median home price in October 2020 when the median price was about $175,000.
“Home prices remain strong despite a small dip the last two months,” said PAR President Christopher Raad. “The median price hit the highest in June at just over $203,000 this year and has leveled off since then.”
Statewide demand remains strong, and inventory remains tight, Raad said.
Listings fell about 5% in October compared to September but are down 22% from last year at the same time.
The current inventory rate is 3.31 months.
“That is unheard of,” Raad said, noting that traditionally 6 months on market is considered average.
While listings have traditionally dropped at the end of the year because of the holidays and bad weather, Raad said in recent years listings have remained steady throughout the year so the decrease in listings is based on overall current trends in real estate and not a seasonal drop.
He expects more inventory to come on the market in coming months based on new housing construction that is in the pipeline.
He noted there have been delays in new housing construction because of the labor and materials shortages.
Overall, he said, the market remains strong.
“Home sales remained steady over the past several months as well, but are down about 15% compared to last year, although the high market sales last year were a residual effect of the pandemic shutdown,” he said.
