Pennsylvania Home Prices Surge in May

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LEMOYNE, PA — The median home sales price in Pennsylvania surged to $295,000 in May, according to a report for the Pennsylvania Association of Realtors®. This marks an increase of over 5% from April when the median price was $280,000. Compared to May 2023, the median price rose by 8.2%.

“The Pennsylvania market is seeing median home sales prices continue to increase and reach new highs,” said Preston Moore, President of the Pennsylvania Association of Realtors®. He noted that prices are up more than 75% compared to May 2020.

Despite a rise in the number of listings, the market remains tight. The number of homes on the market grew to 37,463 in May, up about 5% from the previous month. However, this figure is down more than 5% compared to the same time last year and down 40% from May 2020.

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

Moore emphasized the critical role of professional Realtors® in helping homebuyers and sellers navigate the complex real estate market. As demand continues to outpace supply, the expertise of Realtors® becomes increasingly valuable.

The data suggest a robust demand for housing in Pennsylvania, driving prices to new heights despite a limited supply of homes. As the market evolves, both buyers and sellers will need to rely on professional guidance to make informed decisions.

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