Is Hermitage, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Hermitage has remained a Seller's Market.
Key Takeaway
Hermitage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hermitage, PA
How much do homes in Hermitage, PA cost?
Median Sold Price
$190,000
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hermitage have sold for 8% more than they did a year ago.
Summary: The median home sold price in Hermitage was $190,000 in May 2024, up 8% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | - | N/A |
| 2 Bedrooms | $147.5K | $180K | +22.0% |
| 3 Bedrooms | $169.9K | $175K | +3.0% |
| 4 Bedrooms | $296.5K | $350K | +18.0% |
| 5+ Bedrooms | $425K | $577.5K | +35.9% |
Summary: Hermitage housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 18%, and 5+ bedroom homes increased by 35.9%.
Housing Supply in Hermitage, PA
How many homes are available in Hermitage, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 54 | 62 | +14.8% |
Summary: The Hermitage real estate market had 62 homes for sale in May 2024, a 14.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 31 | 34 | +9.7% |
| 4 Bedrooms | 13 | 16 | +23.1% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Hermitage housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 13 | -13.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hermitage, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Hermitage in May 2024, down by 13.3% month-over-month. Of the 13 sold homes, 46% were sold under asking, 15% were sold at asking, and 38% were sold over asking.
Days on Market for Hermitage, PA
How long does it take to sell a home in Hermitage, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 65 Days | +11.8% |
Summary: Homes in Hermitage had an average of 65 days on market in May 2024, up by 11.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hermitage are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Hermitage; 69% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
