Pennsylvania housing prices rose 14% last year reaching a median price of $192,040, up from $168,152 in 2020, according to a housing market report prepared for the Pennsylvania Association of Realtors®.
The median price in December was $194,637, up about 9% compared to $178,475 in December 2020.
“The housing market in the commonwealth has kept its rapid pace through 2021. In fact, we’ve seen home sale prices steadily increase over the past five years,” said PAR President Christopher Beadling. “The median home sale price is up about 37% compared to approximately $140,000 in 2017, which shows that purchasing a home is a good, long-term investment, particularly when interest rates remain relatively low.”
Inventory continues to be a challenge in the Pennsylvania market. Listings were down 26% in December, compared to the same time in 2020. “There were more than 152,000 fewer listings in 2021 compared to the previous year,” Beadling said. “That makes it difficult for buyers looking to purchase a home, particularly as we’ve seen more buyers enter the market.”
The tighter inventory has led to the number of home sales declining about 5.5% in December, compared to the same time in 2020.
“For buyers and sellers entering this market, it’s beneficial to work with a Realtor® who has the expertise needed to navigate the transaction,” he noted. “With limited inventory and multiple offers, it helps to have someone you can trust help you through this process.”