LEMOYNE, Pa., Dec. 20, 2023 /PRNewswire/ — The median sales price of homes in Pennsylvania climbed slightly in November to $218,380, according to a report prepared for the Pennsylvania Association of Realtors®. The price was up from $217,537 in October and is the same as it was a year ago.
“The median sales prices have displayed remarkable stability this year,” said PAR President Al Perry. “Despite other economic variables, median prices have remained relatively steady, showing that owning a home is a great investment for building wealth.”
The number of listings on the market continues to be down compared to previous years. There were 34,394 listings on the market in November, down 22% year over year and down about 7% compared to October.
“We’re still experiencing a challenging inventory situation,” Perry added. “Interest rates have dropped slightly, which means more potential buyers may be entering the market. Many economists are predicting that the New Year will see some homeowners who will be ready to put their homes on the market.”
There were 9,130 home sales in November, down from 9,975 in October and down 10% year over year.
“Realtors® are trusted advisors to consumers. Whether buying or selling a home, Realtors® help them navigate the financial, legal and community aspects of what are the most complex and significant transactions most people will ever make in their lives,” he added.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors
