Is 16116, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 16116 is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, 16116 has remained a Seller's Market.

Key Takeaway

16116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 16116, PA

How much do homes in 16116, PA cost?

Median Sold Price

$168,950

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$3,800(-2.2%)

Key Takeaway

Homes in 16116 have sold for 2.2% less than they did a year ago.

Summary: The median home sold price in 16116 was $168,950 in February 2024, down 2.2% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $121.9K-
N/A
3 $182.5K$165K
-9.6%
4 $178K$289.9K
+62.9%
5+ $216.2K-
N/A

Summary: 16116 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 9.6%, 4 bedroom homes increased by 62.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

16116
-2.2%
16102
-18.1%

Housing Supply in 16116, PA

How many homes are available in 16116, PA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
45+25.0%

Summary: The 16116 real estate market had 5 homes for sale in February 2024, a 25.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 00
0.0%
3 33
0.0%
4 11
0.0%
5+ 01
+100.0%

Summary: The 16116 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
01+100.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 16116, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in 16116 in February 2024, up by 100.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for 16116, PA

How long does it take to sell a home in 16116, PA?

Average Sale Time

Feb 2023Feb 2024CHANGE
59 Days91 Days+54.2%

Summary: Homes in 16116 had an average of 91 days on market in Feb 2024, up by 54.2% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 16116 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 1 homes were sold in 16116; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 16116, PA

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