Thinking about buying or selling a home in Pennsylvania? Understanding the Pennsylvania housing market trends is key. While prices are showing slight moderation and sales have slowed down, the increase in inventory offers more opportunities for buyers.

The market is moving toward a more balanced state, creating a more equitable environment for both buyers and sellers. Let's dive into the latest data to see what's happening.

Pennsylvania Housing Market Trends: A 2024 Update

Home Sales in Pennsylvania

September 2024 saw a slight dip in home sales compared to the previous month. According to the Pennsylvania Association of Realtors®, there were 9,538 sales, a 6.5% decrease from September 2023. While this might sound concerning, it's important to remember that the market is adjusting after a period of rapid growth. We're seeing a return to a more balanced market, which is positive news in the long run. It means buyers have less pressure to rush into offers and can possibly negotiate better terms.

Pennsylvania Home Prices: A Closer Look

The median sales price for homes in Pennsylvania in September 2024 was $295,000. This is a 3% drop from August, but still a healthy 9% increase compared to September 2023. This slight price correction suggests that while the market is cooling down, home values aren't plummeting. Instead, it's a more stable, manageable adjustment.

Housing Inventory: More Choices for Buyers

One of the most significant changes in the Pennsylvania housing market is the increase in inventory. In September, there were nearly 38,800 active listings. This represents a 3% jump from August and a whopping 28% increase since January 2024. This is the highest inventory we've seen all year, which is fantastic news for potential homebuyers. Having more homes on the market means less competition and more choices.

Market Trends: A Shifting Landscape

The combination of slightly lower prices and a significantly higher inventory signals a clear shift in the Pennsylvania housing market. We're moving away from the seller's market we've experienced over the past few years toward a more balanced market. This means buyers have more negotiating power and less pressure to make quick decisions. This level of balance can be good for both buyers and sellers. Buyers can find a home that meets their needs without feeling pressured, and sellers will have to price their homes competitively.

Pennsylvania Housing Market Data: September 2024

Here's a summary table of key data points:

Metric	September 2024	September 2023	Change (YOY)
Median Sales Price	$295,000	$270,000	+9%
Home Sales	9,538	10,203	-6.5%
Active Listings	38,794	35,378	+9.6%
Months of Inventory	3.97	N/A	N/A

Important Note: Months of Inventory is a key indicator of market balance. A 6-month supply is generally considered a balanced market. A lower number indicates a seller's market (fewer homes available), and a higher number indicates a buyer's market (more homes available). Pennsylvania's 3.97 months of inventory suggests the market is trending towards balance, but not quite there yet.

Home Price Range Analysis

Let's break down the Pennsylvania housing market by price range, providing insights into the specific trends within different segments. The data below illustrates the number of listings, sales over the past 12 months, and months of inventory for each price bracket.

Listing Price Range	Listings (Sep)	Sales (Previous 12 Months)	Months of Inventory
Below $125,000	4,570	13,663	4
$125,000 – $249,999	10,388	35,978	3.5
$250,000 – $374,999	8,978	30,345	3.6
$375,000 – $499,999	6,048	18,226	4
$500,000 – $624,999	3,021	7,703	4.7
$625,000 – $749,999	1,891	4,669	4.9
$750,000 – $874,999	1,111	2,435	5.5
$875,000 – $999,999	759	1,599	5.7
$1M – $1.99M	1,465	2,357	7.5
$2M and up	563	369	18.8

This data shows that lower-priced homes are generally seeing lower months of inventory (indicating more competition), while higher-priced homes offer more options for buyers. This is a typical trend in most real estate markets.