Has Centre County’s real estate market found balance yet? Here’s what the data show
Home values and rent prices have increased significantly in State College over the past year, even as the market starts to shift more toward balance after many U.S. localities have strongly favored sellers for months.
Zillow data last updated Oct. 21 indicate State College area median home values have had an average increase of 11.6% from September 2021 to September 2022.
For the three Centre County zip codes for which data were available, homes had an average increase of 11.6% in median home value. Zip code 16803 had a median home value increase of 11.6%, while 16801 saw median home values increase by 12.28%.
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.
The median listing price of State College homes was $445,000 in September, according to Realtor.com. The real estate site categorizes college town as a seller’s market, and homes spent an average of 51 days on the market that month, up from 48 days in August.
College Heights is the most expensive neighborhood in State College, Realtor.com reports, with a median home listing price of $599,000. Orchard Park is the least expensive, as the area’s median home listing price is $197,500.
Here are more State College neighborhoods by price, per Realtor.com:
Highlands: $550,000 median listing price
Holmes Foster: $489,000
State College South: $389,000
Greentrees: $389,000
Centre County has a median listing price of $344,200, according to Realtor.com, a 20.4% increase from September 2021 to September 2022. FOr the most recent month, the median home sale price was lower than typical list prices at $309,500.
The real estate market in Centre County has almost shifted to the “balanced” category on Realtor.com’s buyer to seller market advantage scale, but it is still in the seller’s market designation as of Oct. 24.
Bellefonte has a median listing price of $285,000, Realtor.com reports, while Philipsburg has a median listing price of $159,500. Boalsburg’s median listing price is at $359,900 (or $214 per square foot), and Eagleville’s is $550,000.
Along with single-family home values, rental prices have also seen steep hikes in State College. The median rent for units of any property type with any number of bedrooms in the city is $1,940, according to Zillow, up $540 year-to-year.
Median rent is lower when filtered to only apartments and condominiums, but the $1,664 price tag is still $681 more expensive than median rent this time last year. Studio apartments and condos have a median monthly rent of $1,188, while two-bedroom units have a median rent of $1,894, Zillow reports.
