Pennsylvania Median Home Sales Price Jumps 5% in May

LEMOYNE, Pa., June 19, 2024 /PRNewswire/ -- The median home sales price surged to $295,000 in Pennsylvania in May, according to a report prepared for the Pennsylvania Association of Realtors®. Up more than 5%, the state's median home sales price rose from $280,000 in April 2024 and was up 8.2% compared to May 2023.

"The Pennsylvania market is seeing median home sales prices continue to increase and reach new highs. Compared to May of 2020, prices are up more than 75%," said Pennsylvania Association of Realtors® President Preston Moore. "Realtors® across the commonwealth are experiencing a robust demand for housing. And while the number of listings on the market has increased, the market continues to experience a limited supply of homes."

The number of listings on the market swelled to 37,463 in May, up about 5% from the previous month, but down more than 5% compared to the same time last year. The number of homes listed is down 40% compared to May of 2020.

"The increased home sales reflected the expanded inventory numbers in May," Moore said. "Home sales across the state advanced nearly 15% in May compared to the previous month and are up 2.5% from May 2023."

Moore underscored the critical role of professional Realtors® for homebuyers and sellers as they navigate the real estate market.

"Realtors® help their clients avoid costly pitfalls and prevent risks in the real estate transaction," he said. "They advise their clients in making, evaluating and negotiating offers, while helping clients keep their personal objectives at the forefront during what oftentimes is an emotionally intense decision."

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.

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SOURCE Pennsylvania Association of Realtors