What is trending in the current Central PA Home Market and how long will it last?
Up, Up and Away! Median home sale prices have been on the rise year over year, consistently. The Greater Harrisburg Association of Realtors has provided the following Average sale price in recent years:
$167,500 in July 2015
$175,500 in July 2016
$180,000 in July 2017
$187,250 in July 2018
$190,000 in July 2019
With an increase in the average home price, how has this affected sales….Well, current homes are selling the fastest they have in years! Some homes are selling in a matter of hours, with the average home selling in 42 days. Even though sale prices are steady and homes are selling at a super speed, the amount of homes for sale in the market has decreased.
895 in July 2015,
938 in July 2016,
737 in July 2017,
752 in July 2018,
694 in July 2019.
According to Jessica Lautz, Vice President of demographics and behavioral insights at the National Association of Realtors, she has seen this trend nationally for quite some time.
Even with a lower inventory of homes and increased sale prices, the Central PA market is going strong! With low mortgage rates, the inventory is still affordable and continuing to be on the move. So call The Jennifer Hollister Group if you are thinking about buying or selling a home!