Home - PA Future (2024)

FAQs

Are home prices dropping in PA? ›

The median home price in the current housing market Pennsylvania has is $298,400 as of May 2024 according to Redfin. This number is up 7.3% compared to last year. Comparatively, the United States median home price is $438,601.

Pennsylvania real estate market favors sellers in 2024. (And buyers, too!). The market is expected to lean more in favor of the buyers in the latter half of 2024. Home prices are rising modestly, and the number of homes for sale has increased by 8.4% YoY.

June, July, and August are the best months to sell your house in Pennsylvania. The median sale price of houses in June 2023 was $298,400, which is expected to rise in 2024. However, cities like Bethlehem and New Castle follow an upward trend throughout the year.

“The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available.”

However, Pennsylvania home buyers usually pay 5 to 6 percent of the home's value. Before taxes, the total average closing cost is about $4,000. After taxes, the total average closing cost can be around $10,000 or more. You should expect the closing cost total average to be between $6,000 and $15,000.

It could take until 2026 to see a 'normal' real estate market. To get affordability back to a comfortable range will take a combination of higher wages, lower interest rates and stable prices, economists say, and that combination may take until 2026 or later to coalesce.

If you have great credit and you can qualify for a conventional loan, the minimum down payment you'll need will be 3 percent of the purchase price. So, on a typical $219,000 property, that would be $6,570. To avoid paying private mortgage insurance, though, you'll need much more – 20 percent of the purchase price.

The most important thing for real estate investors is finding properties where their investment dollars will go the furthest. Pennsylvania can offer that; July 2021 statistics reveal that Philadelphia fix and flips are among the most profitable in the country—offering an average 100% return on investment.

There are currently 40,471 homes for sale in Pennsylvania. The median list price in Pennsylvania is $299,000 and the average price per square foot is $181.

Pennsylvania's cost of living is about 4% lower than the national average, with housing costs falling about 17% under the national average as well.