York, Pa Market Update

The real estate market has remained busy throughout the first half of 2021, and in our area it is no different. The Realtor’s Association of York and Adams Counties (RAYAC) puts out monthly numbers for the local communities. If you’re not convinced the market is still hot, take a look below.

Facts and Figures

Real estate agents working in the field have continually felt the dramatic shift to a seller’s market. If you’re not familiar, a seller’s market is when there is a significant demand and not enough supply to go around. This causes those selling their homes to have the “upper hand” and more leverage in the market. In a balanced market, there is typically between 5 and 7 months of housing inventory. As you can see below, York County currently has less than 1 month’s supply.

That is why homes are selling exceedingly fast and for more than the price they were listed for. On average, a home’s sale price was 101.3% of listing price in ~5 days.

The change in market becomes even more significant in year-over-year comparisons. Last year around this time the median sold price was $23,000 less than it is right now. As you can see, that’s a 12% increase in one year! It’s hard to know where we will be one year from now, but as the months go by the market will likely start to balance itself out. If you have considered selling, now is the best time to do it. Due to historically low interest rates, there are likely many buyers looking to pay top dollar for your home.

If you or someone you know is ready to take the next step in your home selling journey, turn to ‘The Key to Real Estate!’ Our team are experts at listing and selling homes, and we’d love to work with you. Contact us to discuss your options or receive a free estimate on the value of your home.