Pennsylvania Housing Market Analysis - September 2024
The Pennsylvania housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 4.5% year-over-year, settling at $294,800. This decline contrasts with the Median List Price, which has increased by 5.0% to $303,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the market shows an upward trend. The median Price Per Square Foot has risen by 5.5% to $176, while the Median List Price per square foot has increased by 6.9% to $182. These figures suggest that while overall sales prices have decreased, the value attributed to each square foot of property has appreciated.
Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 5.4% year-over-year to 10,141. However, Pending Sales have seen a slight increase of 1.0%, reaching 11,425, indicating a potential rebound in future sales. New Listings have also seen a modest rise of 0.8%, totaling 12,832, which contributes to the overall inventory increase of 6.0%, now at 26,632 homes.
The Months of Supply, a critical indicator of market balance, has surged by 30.0% to 2.6 months. This increase suggests a shift towards a more balanced market, though it still leans towards favoring sellers. The Median Days on Market have increased by 4.0% to 31 days, reflecting a slightly slower pace in the market.
The average sale to list ratio has seen a minor decline of 0.3%, now at 99.0%, indicating that homes are selling very close to their list prices. The percentage of Homes Sold above list price has decreased by 4.6% to 33.2%, suggesting a reduction in competitive bidding scenarios. Additionally, Price Drops have increased by 3.7% to 31.9%, further highlighting the adjustments sellers are making in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 5.1% to 45.0%, indicating a slower turnover rate compared to the previous year. This slowdown could be attributed to the increased inventory and longer days on market.
Overall, the Pennsylvania housing market in September 2024 reflects a mix of declining sales prices and increased list prices, with a notable rise in inventory and Months of Supply. These dynamics suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.
