The Pennsylvania housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $287,400, reflecting a slight decrease of 0.3% year-over-year (YoY). This decline suggests a modest cooling in sales prices, despite the increase in the Median List Price, which has risen by 8.1% YoY to $294,600. This divergence between sales and list prices may indicate a gap between seller expectations and buyer willingness to pay.

In terms of Price Per Square Foot, both the Median Sales Price and list Price Per Square Foot have increased by 6.8% YoY, reaching $175 and $183, respectively. This consistent rise in Price Per Square Foot highlights a steady demand for housing space, even as overall sales prices show a slight decline.

The number of Homes Sold in January 2025 is 7,612, marking a 4.7% increase YoY. This uptick in sales volume suggests a robust demand in the market, despite the challenges posed by rising list prices. However, Pending Sales have decreased by 2.9% YoY to 9,294, indicating potential future slowdowns in closed transactions.

New Listings have seen a modest increase of 1.3% YoY, totaling 9,037. Inventory levels have also risen by 1.8% YoY, reaching 21,383 homes. Despite these increases, the Months of Supply have decreased by 10.0% YoY to 2.8 months, suggesting that homes are being absorbed by the market at a faster rate than new inventory is being added.

The Median Days on Market for homes in Pennsylvania is 45 days, which is a 4.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has improved marginally by 0.2% YoY, standing at 98.0%, suggesting that homes are selling closer to their list prices.

The percentage of Homes Sold above list price has decreased by 1.0% YoY to 25.9%, while the rate of Price Drops has increased by 1.5% YoY to 24.9%. These figures suggest a slight shift towards a more balanced market, where buyers have more negotiating power. Additionally, the percentage of homes going off the market within two weeks has decreased by 1.5% YoY to 36.5%, indicating a slight slowdown in the speed of transactions.

Overall, the Pennsylvania housing market in January 2025 exhibits a mix of rising list prices and increased sales volume, alongside a slight cooling in sales prices and Pending Sales. The market remains dynamic, with inventory levels and New Listings showing modest growth, while the speed of transactions and the percentage of Homes Sold above list price indicate a shift towards a more balanced market environment.