Is now the time to sell your Centre County home? The latest data for buyers, sellers

Matt DiSanto
·4 min read

As the first quarter of the year nears its end, real estate activity in Centre County is heating up, according to recent data from local realtors.

March’s new contract activity marked an increase of 52.1% over February, according to the most recent monthly market report released by the Centre County Association of Realtors. That figure, in addition to a growing number of closed sales and a high median sales price, helps to indicate a healthy trend for the real estate market.

Here’s a look at the state of the housing market in Centre County.

Looking to sell? Now might be a good time

The median home sale price in Centre County in March was more than 11% higher than it was the year before, according to data published by the county Realtors’ association.

March’s median sale price was approximately $345,000, a jump of 11.3% from last March’s mid-point price of about $310,000. While March’s median home sale price sits about 7.5% below February’s figure, it still reflects one of the highest monthly median sale prices in the last five years, according to the association.

Centre County’s median home sale price has generally increased over the past five years, according to market data published by the county’s Realtors’ association and Bright MLS.
Centre County’s median home sale price has generally increased over the past five years, according to market data published by the county’s Realtors’ association and Bright MLS.

The county’s median home sale price has generally increased over the last five years, topping out in February 2023. Mid-point sale prices have shown more steady growth in 2022 and early 2023 despite a sharp fall in January.

The average home sale price checked in at $348,607 in March, county Realtors say. That marks roughly a 14.3% decrease from February, but the figure is up 3.9% from last March.

Homes in the State College area are worth $377,166 on average, according to Zillow’s Home Value Index. Home values in the area have increased by an average of 5.8% from a year ago.

Here’s a ZIP code-by-ZIP code look at median home values in the State College area, according to Zillow. Data is current through April 19, the site says.

Note: This graphic will automatically update as new data become available.

The median home in 5 central PA ZIP codes is worth at least $320K. See latest from Zillow

Activity picks up, but there’s room to grow

As home values and sale prices rise, the Centre County real estate market appears to be on an upswing.

March produced a 52.1% month-over-month increase in new contract activity. The month’s worth of real estate activity generated 111 new pending sales and a 31.8% increase in “all pendings,” a category that includes new contracts, as well as contracts carried over from February.

New contract activity in Centre County increased by 52.1% month-over-month in March, according to the Centre Count Association of Realtors.
New contract activity in Centre County increased by 52.1% month-over-month in March, according to the Centre Count Association of Realtors.

However, there is room for growth, according to the Realtors’ association report. March observed just 154 active listings, down 24.2% from February and falling well below the county’s five-year average for March (194 listings). Additionally, new listings (140 units) fell below the month’s five-year average (166 units).

The number of active listings has sharply fallen over the past few years after most recently peaking in the summer of 2019. According to county data, spring and summer tend to produce the largest number of new active listings each year.

Although active listings in Centre County rose in March, the local market remains far below what it was just a few years ago, according to data published by the county’s Realtors’ association and Bright MLS.
Although active listings in Centre County rose in March, the local market remains far below what it was just a few years ago, according to data published by the county’s Realtors’ association and Bright MLS.

Once homeowners are ready to sell, units are moving quickly. They spent a median of six days on the market in March, well below the county’s five-year average for the month (27 days). Units sold in March spent an average of 24 days on the market, again coming in under the county’s five-year average (51 days).

Median rent exceeds $1K a month in these central PA areas as prices rise, Zillow reports

Where is the market moving next?

While predicting the future of a real estate market is hardly a foolproof venture, the Centre County Association of Realtors’ most recent report offers a glimpse at what could come next.

Perhaps the most telling indicator is the county’s contract ratio, or the number of pending sales per active listing. March produced a contract ratio of 0.92, representing an increase from February’s 0.86 contract ratio, but a far cry from March 2022’s 2.11 contract ratio.

March’s contract ratio sits approximately 33% below the five-year average for the month, 1.37 pending sales per active listing.

According to the Realtors’ association, a higher contract ratio “signifies a relative increase in contract activity compared to supply and indicates the market is moving in the seller’s favor.” A lower ratio, meanwhile, suggests the opposite, indicating a relative decrease in contract activity relative to supply and potentially signaling trends toward a buyer’s market.

A few national sites agree. Realtor.com, for example, says the State College area reflects a buyer’s market thanks to a local supply of homes that exceeds demand. Redfin, meanwhile, says the State College real estate market is “somewhat competitive.”