Are you wondering if it’s a good time to buy a house in Pennsylvania right now? With a potential recession, high mortgage interest rates, and a slowdown in the housing market, should you hold off buying a home for now? One way to tell if it’s a good time to buy a house right now is to see if we are in a buyer’s market or a seller’s market right now. There are some places in Pennsylvania where it’s a buyer’s market, below is a list of the counties in PA where it’s a good time to buy a house right now.
Is Pennsylvania in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 2.2 months supply of homes in PA right now. This means Pennsylvania is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes and a buyer’s market will be greater than 6 months supply of homes. The best time to buy a house is when it’s a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home.
Is the Entire State of Pennsylvania in a Seller’s Market?
No, there are some counties in PA where it’s a buyer’s market right now. That means it’s a good time to buy a house in those markets.
Check out: 40 Places in The US Where Homes are Still Selling Fast
Counties in Pennsylvania Where It’s a Good Time to Buy a House Right Now
Below is a list of counties in Pennsylvania where it’s a good time to buy a house right now because it’s either in a buyer’s market or in a balanced market.
Clearfield County, PA
Clearfield County, PA is in a buyer’s market with 10 months supply of homes. It’s a good time to buy a house right now.
Potter County, PA
Potter County, PA is in a buyer’s market with 9 months supply of homes. It’s a good time to buy a house right now.
Warren County, PA
Warren County, PA is in a buyer’s market with 9 months supply of homes. It’s a good time to buy a house right now.
Jefferson County, PA
Jefferson County, PA is in a buyer’s market with 7.8 months supply of homes. It’s a good time to buy a house right now.
McKean County, PA
McKean County, PA is in a buyer’s market with 6.6 months supply of homes. It’s a good time to buy a house right now.
Forest County, PA
Forest County, PA is in a balanced market with 5.8 months supply of homes.
Clarion County, PA
Clarion County, PA is in a balanced market with 5.1 months supply of homes.
Counties in Pennsylvania Where It’s a Seller’s Market
Below are counties in Pennsylvania where it’s a seller’s market. If you are thinking of buying a home in these Pennsylvania counties, it may make sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March since that’s when sellers begin putting their homes for sale.
Northumberland County, PA
Northumberland County, PA is in a seller’s market with 4.8 months supply of homes.
Philadelphia County, PA
Philadelphia County, PA is in a seller’s market with 4.4 months supply of homes.
Centre County, PA
Centre County, PA is in a seller’s market with 4.3 months supply of homes.
Wyoming County, PA
Wyoming County, PA is in a seller’s market with 4.2 months supply of homes.
Cameron County, PA
Cameron County, PA is in a seller’s market with 4 months supply of homes.
Armstrong County, PA
Armstrong County, PA is in a seller’s market with 3.9 months supply of homes.
Bedford County, PA
Bedford County, PA is in a seller’s market with 3.9 months supply of homes.
Lawrence County, PA
Lawrence County, PA is in a seller’s market with 3.9 months supply of homes.
Wayne County, PA
Wayne County, PA is in a seller’s market with 3.9 months supply of homes.
Montour County, PA
Montour County, PA is in a seller’s market with 3.8 months supply of homes.
Mercer County, PA
Mercer County, PA is in a seller’s market with 3.6 months supply of homes.
Venango County, PA
Venango County, PA is in a seller’s market with 3.6 months supply of homes.
Snyder County, PA
Snyder County, PA is in a seller’s market with 3.5 months supply of homes.
Bradford County, PA
Bradford County, PA is in a seller’s market with 3.4 months supply of homes.
Fayette County, PA
Fayette County, PA is in a seller’s market with 3.4 months supply of homes.
Susquehanna County, PA
Susquehanna County, PA is in a seller’s market with 3.4 months supply of homes.
Crawford County, PA
Crawford County, PA is in a seller’s market with 3.2 months supply of homes.
Monroe County, PA
Monroe County, PA is in a seller’s market with 3.2 months supply of homes.
Washington County, PA
Washington County, PA is in a seller’s market with 3.2 months supply of homes.
Westmoreland County, PA
Westmoreland County, PA is in a seller’s market with 3.2 months supply of homes.
Allegheny County, PA
Allegheny County, PA is in a seller’s market with 3.1 months supply of homes.
Union County, PA
Union County, PA is in a seller’s market with 3.1 months supply of homes.
Beaver County, PA
Beaver County, PA is in a seller’s market with 3 months supply of homes.
Columbia County, PA
Columbia County, PA is in a seller’s market with 3 months supply of homes.
Juniata County, PA
Juniata County, PA is in a seller’s market with 3 months supply of homes.
Pike County, PA
Pike County, PA is in a seller’s market with 3 months supply of homes.
Sullivan County, PA
Sullivan County, PA is in a seller’s market with 3 months supply of homes.
Tioga County, PA
Tioga County, PA is in a seller’s market with 3 months supply of homes.
Perry County, PA
Perry County, PA is in a seller’s market with 2.8 months supply of homes.
Somerset County, PA
Somerset County, PA is in a seller’s market with 2.7 months supply of homes.
Mifflin County, PA
Mifflin County, PA is in a seller’s market with 2.6 months supply of homes.
Butler County, PA
Butler County, PA is in a seller’s market with 2.5 months supply of homes.
Greene County, PA
Greene County, PA is in a seller’s market with 2.5 months supply of homes.
Indiana County, PA
Indiana County, PA is in a seller’s market with 2.5 months supply of homes.
Lycoming County, PA
Lycoming County, PA is in a seller’s market with 2.2 months supply of homes.
Carbon County, PA
Carbon County, PA is in a seller’s market with 2.1 months supply of homes.
Fulton County, PA
Fulton County, PA is in a seller’s market with 2.1 months supply of homes.
Blair County, PA
Blair County, PA is in a seller’s market with 1.9 months supply of homes.
Schuylkill County, PA
Schuylkill County, PA is in a seller’s market with 1.9 months supply of homes.
Cambria County, PA
Cambria County, PA is in a seller’s market with 1.8 months supply of homes.
Clinton County, PA
Clinton County, PA is in a seller’s market with 1.8 months supply of homes.
Luzerne County, PA
Luzerne County, PA is in a seller’s market with 1.8 months supply of homes.
Adams County, PA
Adams County, PA is in a seller’s market with 1.7 months supply of homes.
Delaware County, PA
Delaware County, PA is in a seller’s market with 1.6 months supply of homes.
Franklin County, PA
Franklin County, PA is in a seller’s market with 1.6 months supply of homes.
Erie County, PA
Erie County, PA is in a seller’s market with 1.5 months supply of homes.
Lackawanna County, PA
Lackawanna County, PA is in a seller’s market with 1.5 months supply of homes.
Bucks County, PA
Bucks County, PA is in a seller’s market with 1.4 months supply of homes.
York County, PA
York County, PA is in a seller’s market with 1.4 months supply of homes.
Chester County, PA
Chester County, PA is in a seller’s market with 1.3 months supply of homes.
Montgomery County, PA
Montgomery County, PA is in a seller’s market with 1.2 months supply of homes.
Berks County, PA
Berks County, PA is in a seller’s market with 1.1 months supply of homes.
Cumberland County, PA
Cumberland County, PA is in a seller’s market with 1.1 months supply of homes.
Dauphin County, PA
Dauphin County, PA is in a seller’s market with 1.1 months supply of homes.
Lancaster County, PA
Lancaster County, PA is in a seller’s market with 1 month supply of homes.
Lebanon County, PA
Lebanon County, PA is in a seller’s market with 1 month supply of homes.
Lehigh County, PA
Lehigh County, PA is in a seller’s market with 1 month supply of homes.
Northampton County, PA
Northampton County, PA is in a seller’s market with 1 month supply of homes.
What Does it Mean to be in a Seller’s Market?
In a seller’s market, the seller gets the upper hand because there aren’t enough houses up for sale and there are too many people trying to buy a home. Bidding wars with homes selling for more than the asking price are common in seller’s markets.
Source: December 2022 real estate data from RedFin.
You May Also Be Interested In:
Wealthiest Towns in Pennsylvania
Wealthiest Towns in New Jersey
3 Jobs That Pay Over $100K a Year without a Degree in Pennsylvania
What are the Highest Paying Jobs in Pennsylvania? (Infographic)
18 Richest People in Pennsylvania
Want More Suburbs 101?
Be sure to Follow Us on Instagram, Like Us on Facebook, Subscribe to our YouTube Channel, and subscribe to our Weekly Newsletter.