Is State College, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing State College is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, State College was a Seller's Market.

Key Takeaway

State College is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in State College, PA

How much do homes in State College, PA cost?

Median Sold Price

$398,850

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$13,683(+3.6%)

Key Takeaway

Homes in State College have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in State College was $398,850 in February 2024, up 3.6% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $200K$215K
+7.5%
2 $256K$255K
-0.4%
3 $354.5K$365K
+3.0%
4 $483.5K$510K
+5.5%
5+ $650K$612.5K
-5.8%

Summary: State College housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.5%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 5.8%.

Median Sold Price Compared To Nearby Cities

State College
+3.6%
Ferguson Township
+2.5%
College Township
-7.4%

Housing Supply in State College, PA

How many homes are available in State College, PA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
131144+9.9%

Summary: The State College real estate market had 144 homes for sale in February 2024, a 9.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 42
-50.0%
2 810
+25.0%
3 5157
+11.8%
4 4751
+8.5%
5+ 2124
+14.3%

Summary: The State College housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2919-34.5%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in State College, you may be able to get a good deal. 42.1% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in State College in February 2024, down by 34.5% month-over-month. Of the 19 sold homes, 42% were sold under asking, 32% were sold at asking, and 26% were sold over asking.

Days on Market for State College, PA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
20 Days38 Days+93.6%

Summary: Homes in State College had an average of 38 days on market in Feb 2024, up by 93.6% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in State College are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 19 homes were sold in State College; 68% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 16% 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 27 Days Ago

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