Demand still outpaces supply in PA real estate markets. How that affects home values
Insufficient home supply to meet demand has fueled a seller’s market throughout Pennsylvania, according to the latest report from the Pennsylvania Association of Realtors, and State College has seen hikes in home values and rent over the last year.
State College and Bellefonte homes in three zip codes saw a median home value increase of 11.1% from November 2021 to November 2022, the most recent month for which data are available, according to real estate site Zillow.
The average median home value for zip codes 16823, 16801 and 16803 is $352,500. Homes in zip code 16803 have the highest median value at $396,907.
Here are the latest State College area median home values, from the Zillow Home Value Index:
Note: This interactive graphic will automatically update as new data become available.
Across Pennsylvania, median sale prices were up 13.7% compared to November 2021, the commonwealth’s Realtor association reported, while inventory was down 17.4%.
Sales were down 28.9% year-over-year, and listings were down 24.2% over the same period.
Home supply was low across Pennsylvania in November, according to the Realtors’ report. Less than three months’ worth of inventory was available, and at least six months of supply is required to create a balanced market.
State College’s median listing price was $400,000 ($190 per square foot) in November, Realtor.com reports, and the median sale price was $385,500. Homes sold for around list price, but due to low inventory the city continues to be a seller’s market.
Typical State College homes spent about 50 days on the market in November, according to Realtor.com, down from 59 days in October.
Along with home values, typical rent has also increased in State College, according to Zillow. The median rent for the 38 properties listed on the real estate site was $1,700 as of Jan. 4, up $100 from December and up $250 year-over-year.
In Centre County as a whole, housing site Realtor.com reports a median listing price of $325,000 ($169 per square foot) with a median sale price of $339,900. Centre County’s real estate market is more balanced than State College’s, according to Realtor.com’s calculations, but it favors sellers somewhat.
The median home sale price has reached $400K in this Pennsylvania county, Redfin says