How much are Centre County homes selling for this summer? See the latest on real estate
The median home sale price in Centre County in June was more than 10% higher than it was in May, according to data recently published by the county’s Realtors association.
The median sale price last month was roughly $370,000, checking in above May’s mid-point price of roughly $335,000. That’s an increase of about 10.3%, according to the Centre County Association of REALTORS’ most recent residential market trend report.
Meanwhile, real estate site Redfin reported a median home sale price of roughly $369,000 for Centre County using data updated through mid-July. Here’s how that price stacks up against the rest of Pennsylvania:
Note: This graphic will automatically update as new data becomes available.
June’s median home sale price represents a 1.6% increase over June 2022’s mid-point price for Centre County, according to the market report. The county’s year-to-date median home sale price sits at $349,000 — a 5.8% increase from 2022’s year-to-date mid-point price of roughly $329,000.
Centre County’s median home sale price has generally grown over the last five years, though increases have surged more steadily in 2022 and 2023 despite a sharp fall in January.
One hundred and fifty-eight property sales closed in June, the Centre County Association of REALTORS said. That marks a 27% jump from May, but a 3.7% decrease from June 2022, when 164 property sales closed.
Additionally, 143 new properties were listed through the association in June, down about 4% from May. The five-year average for June’s new listings sits at 179 newly listed properties.
June’s number of active listings (177) stood above May (154) and June 2022 (176). The county’s realtors observed a 13.7% month-over-month increase in new contract activity in June with 113 new pending sales, plus a 21.9% increase in the “all pendings” category, which includes new contracts and those carried over from May.
Properties took a while to leave the market last month, according to the report. Units sold throughout June spent, on average, 33 days on the market, longer than May (24) and June 2022 (27), but quicker than 38 days, the five-year average for June.
Centre County’s real estate activity in June resulted in a contract ratio of 0.89 pending sales per active listing — a decrease from May’s 1.31 ratio and 1.33 in June 2022. Last month’s contract ratio also falls below Centre County’s five-year average for June (1.09).
Generally, a higher contract ratio reflects an increase in contract activity compared to the local supply, the Centre County Association of REALTORS said in its monthly report. High contract ratios often indicate a market is moving in favor of sellers.
Elsewhere, Realtor.com reports the State College area reflects a buyer’s market, indicating the local supply of homes is exceeding demand.
On average, State College’s home values have increased by about 5.4% over the last year, according to Zillow’s Home Value Index. The area’s average home value sits at about $381,554, according to data available through the end of June.
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