Pennsylvania Housing Market 2024
Two of the most common questions homebuyers have are, “Is now the right time to buy a new home?” and “What are the housing market predictions for 2024 in Pennsylvania?” If you’re currently searching for your dream home, you’ll be pleased to know that the Pennsylvania housing market seems to be quite robust for 2024. Let’s take a closer look.
Will 2024 Be a Better Time to Buy a House?
In 2023, the housing market across the country was still trying to recover from the pandemic and was a bit sluggish. Although inventory increased, home prices were up, as were mortgage rates, and the financial picture was particularly cloudy for first-time homebuyers who lacked existing home equity to roll into a purchase.
Fortunately, the Pennsylvania real estate market looks much sunnier for 2024. Now could be the perfect time to buy a house, whether it will be your first house or not. Why should you consider purchasing a home in 2024? Here are some top reasons.
Why 2024 Could Be the Right Year to Buy a New Home
The real estate market in Pennsylvania is much more robust in 2024 than it was even just one year ago. If you compare April 2024 to April 2023, you’ll see that home sales in Pennsylvania have jumped up by 6%. They’re also up 11% in April 2024 compared to March 2024.
Furthermore, there are more homes available in the real estate market in Pennsylvania. From April 2023 to April 2024, the inventory of homes available jumped up 9%–making conditions much more favorable for homebuyers. The inventory even improved just from March 2024 to April 2024 (by 6%).
What to Know If You’re Getting Ready to Buy
One thing to be aware of about the Pennsylvania housing market is that homes are selling fairly quickly once listed. In 2024, homes spend a median of 40 days on the market before being sold.
This means you’ll want to be prepared to move quickly when you find your dream home. It’s a good idea to meet with a home lender and get pre-approved for a mortgage before you even begin looking for a home.
A pre-approval letter from a mortgage lender isn’t a financial commitment, but it will let you know exactly how much home you can finance and it helps get the process started. Armed with your pre-approval, you can begin your home search with confidence.
Take Advantage of the Housing Market in Pennsylvania
If you’re ready to dive into the real estate housing market in Pennsylvania, Montchanin Builders has an incredible selection of new construction homes you’ll love! Our new luxury townhomes in Kennett Square, PA are situated in the beautiful master-planned community of Kennett Pointe.
Here, you’ll find masterfully crafted new construction townhomes with three bedrooms and 2.5 baths starting in the $400s. This exclusive community offers modern floorplans, enviable amenities, and close proximity to exciting local attractions.
Contact Montchanin Builders today to schedule a viewing, and be sure to ask us about our partnership with one of the nation’s foremost home lenders.
Feeling flexible about your ideal location? Be sure to check out our new townhomes in Wilmington, DE at The Parke at Foulkstone, as well!
