Pennsylvania Housing Market Overview - November 2024
The Pennsylvania housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has seen a modest increase of 0.8% year-over-year, reaching $298,900. This indicates a slight upward pressure on home prices despite broader market fluctuations.
Conversely, the Median List Price has decreased by 3.7% YoY, now standing at $282,900. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers in a competitive environment.
Price Per Square Foot metrics reveal a different story, with the median Price Per Square Foot rising by 7.8% YoY to $176, and the Median List Price per square foot increasing by 7.4% YoY to $178. These figures indicate a strong demand for space, possibly driven by buyers prioritizing larger homes or more desirable locations.
Sales and Inventory Dynamics
The number of Homes Sold in Pennsylvania has slightly decreased by 0.3% YoY, totaling 9,946 units. However, Pending Sales have increased by 7.5% YoY, reaching 10,875, suggesting a potential uptick in future closed sales. This could indicate a lag between buyer interest and transaction completion.
New Listings have decreased by 4.0% YoY, with 9,728 homes entering the market. Meanwhile, inventory levels have risen by 4.0% YoY to 25,632 homes, contributing to a Months of Supply increase of 10.0% YoY, now at 2.6 months. This rise in inventory and supply suggests a shift towards a more balanced market, potentially easing the competitive pressure seen in previous months.
Market Speed and Pricing Strategies
The Median Days on Market have increased by 4.0% YoY to 34 days, indicating that homes are taking slightly longer to sell. The average sale to list ratio has seen a marginal decrease of 0.1% YoY, now at 98.6%, reflecting a slight narrowing between asking and selling prices.
The percentage of Homes Sold above list price has decreased by 2.3% YoY to 31.0%, while Price Drops have increased slightly by 0.2% YoY to 27.6%. These trends suggest that sellers are becoming more flexible with pricing, possibly in response to changing buyer dynamics.
Additionally, the percentage of homes going off the market within two weeks has decreased by 3.1% YoY to 39.1%, indicating a slower pace in buyer decision-making or increased negotiation periods.
Conclusion
Overall, the Pennsylvania housing market in November 2024 reflects a mix of stabilizing and shifting trends. While certain metrics such as Median Sales Price and Price Per Square Foot show growth, others like list prices and New Listings indicate adjustments in seller strategies. The increase in inventory and Months of Supply suggests a move towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
