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. This decline suggests a modest cooling in sales prices, despite the Median List Price rising by 8.1% to $294,600. This divergence indicates a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.

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

The number of Homes Sold in January 2025 reached 7,612, marking a 4.7% increase from the previous year. This uptick in sales volume indicates a healthy demand in the market, although Pending Sales have decreased by 2.9% to 9,294. This decline in Pending Sales could signal a potential slowdown in future transactions, warranting close monitoring in the coming months.

New Listings have seen a modest increase of 1.3%, totaling 9,037, while inventory levels have risen by 1.8% to 21,383. Despite these increases, the Months of Supply have decreased by 10.0% to 2.8 months, suggesting that the market remains competitive with relatively limited inventory available for buyers.

The median days on the market have increased by 4.0% to 45 days, indicating that homes are taking slightly longer to sell compared to the previous year. This trend, coupled with a 1.5% increase in Price Drops to 24.9%, suggests that sellers may need to adjust their pricing strategies to align with current market conditions.

The average sale to list ratio has improved slightly by 0.2% to 98.0%, reflecting a stable relationship between asking and selling prices. However, the percentage of Homes Sold above list price has decreased by 1.0% to 25.9%, indicating a potential shift in buyer leverage.

Finally, the percentage of homes going off the market within two weeks has decreased by 1.5% to 36.5%, suggesting a slight reduction in the speed of transactions. This trend, combined with the other metrics, paints a picture of a market that is adjusting to new dynamics as it enters 2025.