Known for its prestigious colleges, rich heritage, and majestic natural beauty, Pennsylvania offers residents a vibrant and culturally diverse place to work and live making it a popular choice to buy a home. The Keystone State is home to some of the most expensive and sought-after properties in the country.
Although the typical value of a house in Pennsylvania is $249,13, luxury homes in this state can reach far higher prices. From secluded, suburban estates to sleek skyline penthouses, as long as you have a few million dollars at your disposal, the Pennsylvania real estate market has something to offer every taste. With the current real estate market currently in favor of sellers, it helps to have a better understanding of the real estate landscape, whether you are looking to buy or sell in this part of the country. If you are thinking of putting your PA home on the market consider companies that are looking for homeowners who are selling homes to a cash buyer.
In this article, we will look further into the Pennsylvania real estate market, learn more about companies that buy houses in Pennsylvania, and look at some of Pennsylvania’s most expensive homes for sale.
Overview of the Pennsylvania Real Estate Market
Despite the COVID-19 pandemic threatening to setback the real estate market nationwide, Pennsylvania has managed to weather the storm with house prices increasing in value by 14% last year compared to 2020. According to a housing market report by the Pennsylvania Association of Realtors (PAR), the median sale price at the end of 2021 was $194,637, up 9.4% compared to the previous year-end. Typical house prices in Pennsylvania are currently $249,137 [see graph].
Tighter inventory and an excess of buyers can make it difficult for you to find the right property at the right price. Sellers are unlikely to accept lower than their asking price and if you are currently looking to buy a home in this state you may have noticed that house prices are steadily rising yet fewer properties are being listed as the demand from buyers continues to exceed the supply of properties on the market. With inventory limited, the number of homes for sale was down 18.3% year-over-year in December 2021, making the Pennsylvania real estate market a seller’s market. If you would like to sell your PA home quickly and without the need to list it, consider companies that advertise “We buy houses Philadelphia.”
With the rise in Fortune 500 companies and tech start-ups such as Duolingo, Guru, and Petuum setting up here, the population and job market continues to grow, fueling the real estate demand from buyers. Its close proximity to metropolitan areas such as Manhattan, New York, and Philadelphia also makes Pennsylvania a popular place to live.
Prime Real Estate Prices in Pennsylvania
From Allentown to Erie, Philadelphia to Pittsburgh, Pennsylvania has many prime locations which are desirable to live in.
The state capital, Harrisburg, was recently voted as the best place to live in Pennsylvania by U.S. News. A perfect place for all great outdoors enthusiasts, Harrisburg can provide you with spectacular scenery such as the Susquehanna River and the Appalachian Trail making it ideal for running, cycling, and hiking.
Harrisburg also has much to offer for music fans as well as art and museum lovers with exhibits at Susquehanna Art Museum, and the Art Association of Harrisburg. With average real estate prices at $265,150, this makes Harrisburg’s housing market more affordable and lower than the national average which stands at $315,743.
Voted second in this list is Pittsburgh or Steel City where house prices in the most desirable neighborhoods are continuing to rise and selling at a faster pace than ever before. A far cry from the steel mill of the 1980s, Pittsburgh is now attracting technology businesses and other big corporations helping to increase job opportunities in the area. With its abundance of green spaces in its state and city parks as well as envious views of the Monongahela, Allegheny, and Ohio Rivers, Pittsburgh has done much to shed its blue-collar reputation.
Real estate prices in Pittsburgh have increased by more than 63% over the last five years, with the median price of a house in this part of Pennsylvania being $225,000 according to Realtor.com.
Prime Real Estate Prices in Philadelphia
Known as the City of Brotherly Love, Philadelphia has a rich heritage and is regarded by many as the birthplace of the nation. From its formation in 1682, this city in Pennsylvania is home to the U.S. Constitution and the Declaration of Independence. With its beautiful, tree-lined streets Philadelphia is a vibrant, cosmopolitan city that appeals to art and museum lovers, foodies, and historians alike.
Similar to the overall Pennsylvania real estate market, Philadelphia’s housing market remains a seller’s market. Although real estate in this city is highly competitive due to a shortage of supply fueling aggressive rises in house prices, increasing numbers of homes are also becoming less affordable to the locals as the growth in house prices outstrips the growth in household income. This could in part account for why the Philadelphia Housing Demand Index, The Bright MLS | T3 remained unchanged at 111. This is almost 13% lower than it was twelve months ago and indicates a Moderate buyer interest.
Real estate prices in Philadelphia have a median list price of $235,000, however, homes in the luxury market can fetch a much higher asking price. One example of such a high-end listing is the $10 million mansion situated in the Philadelphian suburb of Villanova. With 12,791 square feet and 4.5 acres of land, this expensive house could offer you an ample seven bedrooms and 12 bathrooms. To sell your PA home for a cash offer, consider looking for companies advertising “Cash home buyers Tampa.”
Norada Real Estate Investments report that real estate in Philadelphia has appreciated by almost 62.7% over the last decade, which is equivalent to an annual appreciation of almost 5%. This appreciation rate places Philadelphia in the top 30% nationwide.
The Most Expensive Home Sale in Pennsylvania
Some of the most expensive homes in the U.S. are in California in areas such as Bel-Air, and Holmby Hills. The Warner estate in Beverly Hills was purchased by Amazon mogul, Jeff Bezos in 2020 for a price tag of $165 million. The 13,600 square-foot estate contains two guesthouses, a swimming pool, and a tennis court.
New York City is also home to some prime real estate with hedge fund billionaire, Daniel Och, selling his Manhattan condo, 220 Central Park South, for almost $190 million. Pennsylvania is also amongst the states with the priciest properties, with homes such as 1543 Monk Road, Gladwyne in Montgomery County currently listed at $23.95 million. If you are looking to sell your PA home, learn more about “Why cash sales make sense.” Below, we have compiled a list of the 15 most expensive homes currently listed for sale in Pennsylvania, starting with the most expensive:
1. 944 Providence Rd, Newtown Square, PA 19073 – $29,900,000
This 200+ acre farm contains five bedrooms, three bathrooms, and 2,900 square feet of living space.
2. 1911 Walnut St #4801, Philadelphia, PA 19103 – $25,000,000
This 48th-floor Penthouse situated on prestigious Rittenhouse Square contains 8,666 square feet of living space and has four bedrooms, four full bathrooms, and two half baths.
3. 1543 Monk Rd, Gladwyne, PA 19035 – $23,950,000
This single-family home contains 14,467 square feet of space with 11 bedrooms and 10 bathrooms. Its amenities include seven gas fireplaces, 10 garages, a private swimming pool, and a tennis court.
4. 301 S Broad St #43-4401, Philadelphia, PA 19107 – $15,110,300
This 5,460 square-foot condominium contains three bedrooms, five full bathrooms, and one-half bath.
5. 770 Godfrey Rd, Villanova, PA 19085 – Sold: $13,950,000
This 10 bedroom, single-family home was built in 1933 and contains 19,000 square feet of living space and 16.93 acres of land.
6. 912 Providence Rd, Newtown Square, PA 19073 – $13,495,000
This 71-acre estate offers 12,461 square feet of space, eight bedrooms, and 10 bathrooms.
7. 1207 Flohrs Church Rd, Biglerville, PA 17307 – $12,000,000
This single-family home contains 5 bedrooms and 5 bathrooms. It has 17,800 square feet of space and 634 acres of land.
8. 122 E Hortter St, Philadelphia, PA 19119 – $11,400,000
This new single-family development is situated in the coveted Mount Airy section of Northwest Philadelphia and was built in 2022.
9. 1494 Treeline Dr, Malvern, PA 19355 – $9,875,000
This nine-bedroom residence contains 22,452 square feet of living space and 2.4 acres of land.
10. 1414 S Penn Sq Floor 1, Philadelphia, PA 19102 – $9,000,000
This first-floor condominium contains five bedrooms, eight bathrooms, and 10,000 square feet of space. It comes with three garages, a sauna, and a soaking tub.
11. 202-204 Scaife Rd, Sewickley, PA 15143 – $8,900,000
This seven-bedroom home contains 10,722 square feet and 30 acres of land.
12. 500 Walnut St Unit 1600, Philadelphia, PA 19106 – $8,500,000
This three-bedroom apartment home has 4,300 square feet of living space and four bathrooms.
13. 415 Five Points Rd, Coatesville, PA 19320 – $8,400,000
This farmhouse was built in 1880 and contains 5,092 square feet and has five bedrooms and four bathrooms.
14. 5453 York Rd, New Hope, PA 18938 – $7,995,000
This heritage property was built in 1717 and has 17.58 acres and 11 bedrooms.
15. 1284 Eagle Rd, New Hope, PA 18938 – $7,795,000
This six-bedroom family home has 19,037 square feet and 11.06 acres of land.
Housing prices in Pennsylvania vary greatly depending on the property and desirability of the neighborhood. The list above reveals areas such as Newtown Square and Gladwyne are where some of the most expensive homes in PA are located.
With property prices rising and a limited number of homes being listed, it would seem that the Pennsylvania real estate market will continue to favor sellers for the time being.