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Real Estate Market Insights March 2024 Pike County, PA

Welcome to our latest update on the Pike County real estate scene, brought to you by the dedicated team at McAteer and Will Estates, proudly associated with Keller Williams Real Estate. As we enter March 2024, we’re here to offer a snapshot of the dynamic market trends shaping our local real estate landscape.

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Pike County, Pennsylvania, is a beautiful and thriving area in the Pocono Mountains region. With its scenic landscapes, outdoor activities, and proximity to major cities, it’s no wonder that the real estate market in Pike County is booming. If you’re considering buying or selling a home in this area, here are some market insights for March 2024.

Market Trends

Photo by Alexander McAteer

A Market Heating Up

To kick things off, let’s talk numbers. Currently, Pike County is experiencing a scorching market with a meager 2.49-month supply of inventory. This shortage is indicative of a hot market, where demand outstrips supply. Over the past year, we’ve observed a staggering 133% decrease in inventory levels, signaling that homes are flying off the market faster than ever.

Sellers Rejoice

For those contemplating selling their homes, now might be the perfect time to act. The list-to-sold price ratio in our county is an impressive 95.6%, underscoring that sellers are securing nearly their asking price. With the average listing price hovering just below $350,000, sellers are in an advantageous position to capitalize on their investments.

  1. Inventory Levels: We’re sitting at a tight 2.5 months of inventory in Pike County, a significant drop of 4.55% over the last year. This means homes are selling faster than hotcakes!
  2. Selling Price: Sellers, rejoice! The list-to-sold price ratio is an impressive 97.1%, ensuring you get almost every penny you ask for your home.
  3. Market Speed: For buyers, the clock is ticking. The median days on the market are just 57 days, signaling a swift move from listing to closing.
  4. Median Sold Price: The median sold price is $275,000 and climbing, reflecting a robust market with growing value for homeowners.

Buyers’ Perspective

Buyers fear not! Despite the competitive landscape, the median days on the market stand at 33 days. This brisk pace means that while the market is competitive, finding your dream home is still within reach without enduring lengthy waits. As average listing prices trend upwards, we anticipate a corresponding rise in sales prices. This scenario presents a unique window of opportunity for prospective buyers to enter the market before prices escalate further.

Inventory Levels

One factor contributing to the rise in home prices is the low inventory levels in Pike County. As of March 2024, there are only 500 homes on the market, which is a 10% decrease from the previous year. This means that there is high competition for available homes, driving up prices. This is excellent news if you’re a seller, as you can expect a quick sale and multiple offers. For buyers, working with a real estate agent who can help you navigate the competitive market and find the right home for you is essential.

Housing Market Outlook

The housing market in Pike County is expected to remain strong in March 2024. Low inventory levels and high demand make it a seller’s market. However, experts predict the market may shift towards a more balanced state in the coming years. This means buyers may have more options and less competition, while sellers may need to adjust their expectations. It’s essential to stay updated on market trends and work with a knowledgeable real estate agent to make the most of the current market conditions.

Popular Neighborhoods

Photo by Alexander McAteer

Pike County offers a variety of neighborhoods to suit different lifestyles and preferences. Some of the most popular neighborhoods in the area include Milford, Dingmans Ferry, Shohola, Matamoras, Hawley, Bushkill, Greeley, Greentown, Lackawaxen, Millrift, Paupack, Rowland, Tafton, and Tamiment. These areas offer a mix of suburban and rural living, with access to outdoor activities and amenities. Milford, in particular, has seen a surge in popularity due to its charming downtown area and proximity to major cities like New York and Philadelphia.

Conclusion

The real estate market in Pike County, PA, is thriving and expected to continue growing in March 2024. Low inventory levels and high demand make it a great time to sell a home in this area. However, buyers should act fast and work with a knowledgeable real estate agent like McAteer & Will Estates with Keller Williams Real Estate to find the right home. As the market may shift towards a more balanced state in the coming years, staying updated on market trends and working with a professional to make the most of the current conditions is essential. Are you considering buying or selling a home in Pike County? Our experienced agents help you navigate the market and find your dream home. Whether you’re looking to sell your property or searching for your next home, we’re here to ensure your real estate journey is successful and seamless. Let’s make your real estate dreams a reality!

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