Pennsylvania Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

June 9th, 2022
Updated June 9th, 2022

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Pennsylvania real estate trends

Real estate trends in Pennsylvania | Sellers | Buyers | Investors | The best and worst of Pennsylvania | Pennsylvania resources

Pennsylvania real estate trends (May 2022)

How is the real estate market in Pennsylvania?
🏠 Average home value: $263,381
📈 0.92% home value increase month over month
💰 Median sale price: $318,800
⏳ 50 days on the market
🔑 Homes on the market: 16,997
📆 0.8 months of housing inventory
🏦 30-year mortgage rate: 5.52000%
💵 Average income: 61744
State of the market: B
Both home value and sales prices in Pennsylvania are inching upward, as demand in the state holds out. Shorter times on the market and increasing values may heat up the market if increasing inventory doesn't cool it off first.
*Data last updated May 2022

Nicknamed the Keystone State, Pennsylvania holds an important place in American history as the site of the Constitutional Conventions.

Since those early days, Pennsylvanians have developed a unique regional culture that encompasses everything from pastoral Amish country to Philadelphia's energetic sports fans.

The state's central, mid-Atlantic location makes it a popular destination for those who want easy access to New York City and Washignton D.C., at a more affordable cost of living. Beyond Philly, Pennsylvania's major cities include Pittsburgh, Harrisburg, and Scranton, to name a few.

If you're thinking of buying or selling in Pennsylvania, these Pennsylvania housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!

Selling a home in Pennsylvania

Pennsylvania real estate market forecast for sellers
⏰ Homes are selling 13 days faster than the annual average
💰 Homes are selling for $23,450 more than the annual average
💸 Average listing commission: 2.80%
💸 Average buyer's commission: 2.80%

How to sell a home in Pennsylvania

Cost to sell a home in Pennsylvania

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Buying a home in Pennsylvania

How much home you can buy with $300,000 in...
🏠 Philadelphia: 1,456 sq ft
🏡 Harrisburg: 2,041 sq ft
🏡 Pittsburgh: 1,911 sq ft
🏠 Scranton: 2,521 sq ft

Investing in Pennsylvania real estate

Best of Pennsylvania

💡 Did you know…

Pittsburgh locals only spend around $1,030 per year for their daily cup of coffee, compared to the national average of $1,134.

» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America

Each month, we compare cities in Pennsylvania based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.

Most Affordable Cities in Pennsylvania
1. Johnstown
2. Somerset
3. New Castle
4. DuBois
5. Pottsville

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Worst of Pennsylvania

Each month, we compare cities in Pennsylvania based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.

Least Affordable Cities in Pennsylvania
1. State College
2. Lancaster
3. Philadelphia-Camden-Wilmington
4. East Stroudsburg
5. Gettysburg

Pennsylvania resources

👋 Next Steps: Talk to an expert!

If you're weighing your options for buying or selling a house, Clever can help!

Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

Remember, this service is 100% free and there’s never any obligation.

Frequently asked questions about Pennsylvania real estate

Yes, Pennsylvania is a good state to invest in real estate, especially in bigger cities like Philadelphia and Pittsburgh, where people are always looking for housing. However, for your investment to pay off, you will first need to find the best neighborhoods to buy in and create a plan for managing or reselling the properties. Read our guide to real estate investing to find out more.

It might not be a good time to buy a house in Pennsylvania for many people. Listing prices and mortgage rates are higher than normal, making it difficult to secure a good deal. If you really need to buy a home, then work with a top real estate agent who can help you find the perfect place.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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