Current Trends:
- Prices and Sales Activity: The median home price in Pennsylvania is approximately $307,300, reflecting a steady year-over-year increase. However, the market is stabilizing, with more homes for sale and slightly longer days on market compared to the past year.
- Inventory Growth: Inventory levels are at their highest this year, with nearly 39,000 active listings. This increase provides buyers with more choices and reduces competitive pressure in many areas.
- Market Balance: While Pennsylvania remains competitive in hot regions like Reading and York, the overall trend is shifting toward a more balanced market, offering negotiation opportunities for buyers.
Opportunities for Buyers and Sellers:
- Buyers: With the rise in inventory, there’s more room for negotiating favorable terms. Mortgage rates remain elevated but have shown signs of stabilization. Now is an excellent time to explore options, particularly in markets experiencing slower sales growth.
- Sellers: Despite the market’s cooling, homes in desirable locations continue to sell quickly, often with multiple offers. Pricing competitively and presenting homes attractively will maximize success.
If you’re considering buying or selling this season, let’s schedule a time to discuss strategies tailored to your needs. Feel free to reach out with any questions or to begin your next real estate journey.
As of December 4, 2024, the average mortgage rates in the United States are as follows:
- 30-year fixed-rate mortgage: Approximately 6.86% to 6.91%.
- 15-year fixed-rate mortgage: Around 6.19% to 6.26%.
- 5/1 ARM (Adjustable-Rate Mortgage): Around 6.52%.
- 10-year fixed-rate mortgage: About 6.05%【8†source】【9†source】.
These rates can vary depending on factors like credit score, loan type, down payment, and lender. It’s a good idea to compare offers from different lenders to find the best rate for your situation. Additionally, rates for government-backed loans like FHA and VA loans might be slightly lower【8†source】【9†source】.