More homes hit the market, but prices held firm and could climb higher
Pennsylvania’s housing market saw a surge in home listings this September, reaching the highest level since 2022. Yet, despite the influx of inventory, industry leaders and mortgage professionals cautioned that home prices were unlikely to fall—if anything, they could edge higher as the market evolves.
The number of homes for sale in Pennsylvania climbed to more than 43,000 in September, up 7% from a year ago, according to a report for the Pennsylvania Association of Realtors (PAR). The median home price held steady at $299,900, a 3.4% year-over-year increase, even as it dipped 6% from August. Home sales also rose nearly 10% year over year, with 10,696 transactions recorded in September.
The increase in listings was most pronounced in the $250,000–$374,999 range, with 10,065 homes available and 3.9 months of inventory. Higher-priced segments, such as homes above $1 million, saw even more months of inventory, signaling slower turnover at the top end.
While increased listings can relieve pressure on buyers and moderate price growth, a sudden surge—if not matched by demand—could lead to price corrections. Similar inventory spikes in other states have sometimes preceded short-term price declines, though local factors often dictate the outcome.
Market steadied by strong demand
Bill Lublin, PAR president and CEO of Century 21 Advantage Gold, said the boost in listings had helped balance the market, but steady demand continued to support higher sales and prices.
“Listings, sales and prices have all increased compared to this time last year,” Lublin said.
“The rise in new listings has helped create a more balanced market, while steady demand has supported higher sales and prices. Overall, these trends point to continued stability in housing activity year over year.”
Yury Shraybman, founder and team lead at Innovative Mortgage Brokers, echoed that sentiment, noting that buyers were finding it easier to get under contract compared to the bidding wars of the past year.
“The market has definitely been good. I feel like, in general, it’s been picking up,” Shraybman told Mortgage Professional America.
“Because of the prices, seasonality, everything like that, the sellers aren’t getting as many offers as they were before. So because of that, it’s easier for people to actually be able to get under contract quicker versus, let’s say, six months ago, 12 months ago, there were a lot of offers on one property. So it was very hard for a buyer to actually win the bidding war compared to now—it’s a lot easier.”
No price plunge expected
Despite the increase in listings, Shraybman dismissed the idea that home prices would fall in the coming months.
“No, I definitely don’t expect them to move lower. I actually personally expect the opposite. I expect them to move higher,” he said.
“Right now we’re in a little bit of a more or less waiting game to see, for the buyers, where the rates end up in the near future. I expect the rates to start coming down shortly. So because of that, I expect the opposite to happen—that once the rates come down, the floodgates are going to be open for the buyers and that’s going to cause the prices to go up.”
With listings up and competition easing, Pennsylvania’s housing market offered new opportunities for buyers—but the consensus among industry experts was clear: don’t expect prices to tumble.
Instead, with interest rates poised to drop, the market could tighten again, pushing prices higher and making early moves advantageous for buyers.
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