The Pennsylvania housing market continues to show positive momentum as home inventory and prices increased last month.
The number of listings was up more than 12% year over year, reaching more than 41,100 in May, according to a report prepared for the Pennsylvania Association of Realtors®. Listings also rose more than 12% over the previous month. The May housing market reflected a 4.26-month inventory. As you know, a six-month inventory is considered a balanced market.
The median sales price also climbed to $305,000 in May, up more than 6% from the same time last year and about 3% from April.
The National Association of Realtor® reported that the median existing-home price for all housing types in April was $414,000, up 1.8% from one year ago.
Home sales leaped 16% in May compared to April, with 10,635 sales last month. The number of sales is down 3.8% compared to May 2024.
NAR reported that April home sales slowed nationwide, dipping in the Northeast and West. Year over year, sales declined 2%.
We know that more listings mean more opportunities for our buyers to find the right home. Rising prices show that the market remains resilient, with buyers willing to invest in homeownership. This continues to show that purchasing a home is a great investment.
The uptick in available homes is also helping to balance the market, which creates an environment that benefits both buyers and sellers. It gives buyers more choices and maintains strong home values for sellers.
Remember to talk with your clients about the value you bring to the transaction. Realtors® help buyers and sellers navigate the current conditions, especially as the market adjusts. Realtors® can help buyers act quickly on the best opportunities and guide sellers on pricing and marketing their homes effectively.
Contact RE/MAX Achievers to learn more about the value of your real estate. RE/MAX Achievers award winning agents can educate you about the selling process. RE/MAX Achievers sold over $1 Billion Dollars in real estate during the last 5 years! RE/MAX was voted 2024’s number one real estate brand. RE/MAX Achievers Broker/Owner, John E. Ohler has stated he “is so proud of our accomplishments thanks to the surrounding communities. RE/MAX is a household name!” RE/MAX Achievers was awarded the 2022 RE/MAX President Club Award and the 2024, 2022, 2021, 2020, 2019, 2018 RE/MAX Achievement of Excellence Award! RE/MAX was voted the 2024, 2023, 2022 MOST Trusted Real Estate brand and agents. RE/MAX Achievers offers real estate services in 5 counties: Montgomery, Chester, Berks, Bucks and Philadelphia counties.
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