Home Prices on the Rise: Pennsylvania’s Median Sales Price Surges in June

The median sales price of a home in the commonwealth in June was 4% higher than in May, and 5.5% higher than last year.

July 25, 2023

FILE – This is a home in Mount Lebanon, Pa., under contract, Oct. 17, 2022. Sales of previously occupied U.S. homes fell in September for the eighth month in a row, though the decline was the most modest yet since the housing market began to cool amid sharply higher mortgage rates. The National Association of Realtors said Thursday, Oct. 20, 2022 that existing home sales fell 1.5% last month from August to a seasonally adjusted annual rate of 4.71 million. (AP Photo/Gene J. Puskar, file)

The median sales price of a home in the commonwealth in June was 4% higher than in May, and 5.5% higher than last year.

If you’ve been thinking about selling your home, now might be a good time to do it, as Pennsylvania’s housing market saw a record high median sales price last month.

The median sales price in the commonwealth in June was $229,004. That’s a 4% increase over May’s high of $219,811 and a 5.5% increase from June 2022, according to a report from the National Association of Realtors.

Sales jumped 12% in June compared to May, yet were down 19.5% from the same time last year. Listings dropped slightly in June compared to May and were down 27.5% from 2022.

“Pennsylvania’s overall housing market continues to see an increase in prices, however, it’s worth noting that the market is complex and can vary across the commonwealth,” said Al Perry, president of the Pennsylvania Association of Realtors.

To Perry’s point, let’s take a look at recent home sales trends in the state’s three largest housing markets, Philadelphia, Pittsburgh, and Allentown.

In Philadelphia last month, home prices were down 5.9% compared to last year, selling at a median price of $270,000, which was still higher than the state’s median, according to Redfin.

Across the state in Pittsburgh, the median sale price of a home in June was $275,000, which was not only higher than the state’s median price, but was also a 1.9% increase from last year.

In June, Allentown home prices were up 9.9% compared to last year, but selling for a median price of $219,000—$10,000 less than the state’s median price.