Pennsylvania Real Estate Market Insights for July 2024
Pennsylvania Housing Market Analysis - July 2024
The Pennsylvania housing market in July 2024 presents a trend reflecting both growth and challenges. The data indicates a dynamic market with notable shifts in various key metrics.
Median Sales Price
The median sales price in Pennsylvania stands at $307,900 showing a slight decrease of 0.02% year-over-year (YoY). This marginal decline suggests a stabilization in home prices, potentially offering opportunities for buyers who were previously priced out of the market.
Median List Price
The median list price is $298,000 which is down by 3% YoY. This decrease in list prices could indicate that sellers are adjusting their expectations to align with current market conditions, possibly due to increased inventory and competition among sellers.
Price Per Square Foot
The median price per square foot has risen to $180, marking a 6% increase YoY. Similarly, the median list price per square foot is $179, also up by 6% YoY. These increases suggest that while overall home prices may be stabilizing, the value of the space within homes is appreciating, reflecting a demand for quality and well-utilized living spaces.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 12,068 which is a significant 10% increase YoY. This uptick in sales volume indicates a robust demand for housing in Pennsylvania. However, pending sales are relatively flat at 12,464, showing no change YoY. This stagnation in pending sales could imply a potential slowdown in future sales activity.
New Listings and Inventory
New listings have increased by 6% YoY, reaching 13,917. This rise in new listings is contributing to the overall inventory, which has grown by 7% YoY to 25,725. The increase in inventory provides more options for buyers, potentially easing the competitive pressure seen in previous months.
Months of Supply
The months of supply, a critical indicator of market balance, is currently at 2.10 months, down by 10% YoY. This decrease suggests that despite the increase in inventory, the market remains relatively tight, favoring sellers. A balanced market typically has around 6 months of supply, so the current figure indicates a seller's market.
Median Days on Market
The median days on market is 26 days, showing a slight increase of 1% YoY. This minor change suggests that homes are still selling relatively quickly, although not as rapidly as in the previous year.
Sale to List Price Ratio
The average sale to list price ratio remains steady at 1.00, with no change YoY. This stability indicates that homes are generally selling for their listed prices, reflecting a balanced negotiation dynamic between buyers and sellers.
Sold Above List Price
The percentage of homes sold above list price is 39%, down by 2% YoY. This decline suggests that fewer buyers are willing to pay above the asking price, possibly due to the increased inventory and more options available in the market.
Price Drops
The percentage of price drops is 31.27%, with no change YoY. This consistency indicates that sellers are still adjusting their prices to attract buyers, reflecting a cautious approach in a competitive market.
Off Market in Two Weeks
The percentage of homes going off market within two weeks is 50%, down by 4% YoY. This decrease suggests that homes are taking slightly longer to sell, possibly due to the increased inventory and more discerning buyers.
In conclusion, the Pennsylvania housing market in July 2024 exhibits a blend of stability and growth. While median sales prices have slightly decreased, the value per square foot has appreciated, indicating a demand for quality living spaces. The increase in homes sold and new listings reflects a dynamic market, although the flat pending sales and slight increase in days on market suggest a potential cooling in future activity. Overall, the market remains competitive, with a slight tilt towards favoring sellers.
