Housing

Home Prices Have More Than Doubled in This Pennsylvania City Since the Pandemic

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24/7 Wall St. Insights

  • Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by about 38% in Pennsylvania.
  • But location matters in the U.S. housing market, and in some parts of Pennsylvania, list price increases have been far more modest than in others.
  • Also: 2 Dividend Legends To Hold Forever

The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to data from Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.

Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.

The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.

Few parts of the country have been spared from rising home prices. In Pennsylvania, the median list price among all homes on the market was $325,000 in July 2024, up 38.4% — or $90,100 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)

Notably, when it comes to the housing costs, location matters — and in some parts of Pennsylvania, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 28 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 16.3% to 125.6% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $35,050 to $155,000 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000).

It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, there are three Pennsylvania metro areas where most homes were listed for over $400,000 in July 2024, and none of them rank among the 10 cities on this list with the largest price increases.

This is how home prices have changed since the pandemic in every city in Pennsylvania. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.

Why It Matters

Feverpitched / iStock via Getty Images

Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of Pennsylvania have borne the brunt of rising prices, while others have been largely shielded.

28. Pittsburgh, PA

  • Change in median list price since start of pandemic: +16.3% (+$35,050)
  • Median home list price: $250,000 in July 2024; $214,950 in March 2020
  • Median list price per square foot: $167 in July 2024; $133 in March 2020
  • Size of a typical listed home: 1,605 sq. ft. in July 2024; 1,718 sq. ft. in March 2020

27. Sayre, PA

Doug Kerr / Wikimedia Commons
  • Change in median list price since start of pandemic: +25.3% (+$46,825)
  • Median home list price: $231,750 in July 2024; $184,925 in March 2020
  • Median list price per square foot: $111 in July 2024; $89 in March 2020
  • Size of a typical listed home: 1,952 sq. ft. in July 2024; 1,908 sq. ft. in March 2020

26. Lewisburg, PA

governortomwolf / Flickr
  • Change in median list price since start of pandemic: +29.5% (+$85,120)
  • Median home list price: $373,745 in July 2024; $288,625 in March 2020
  • Median list price per square foot: $182 in July 2024; $130 in March 2020
  • Size of a typical listed home: 2,236 sq. ft. in July 2024; 2,345 sq. ft. in March 2020

25. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

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  • Change in median list price since start of pandemic: +30.0% (+$90,000)
  • Median home list price: $389,950 in July 2024; $299,950 in March 2020
  • Median list price per square foot: $229 in July 2024; $158 in March 2020
  • Size of a typical listed home: 1,667 sq. ft. in July 2024; 1,846 sq. ft. in March 2020

24. Reading, PA

DenisTangneyJr / iStock via Getty Images
  • Change in median list price since start of pandemic: +34.7% (+$90,100)
  • Median home list price: $350,000 in July 2024; $259,900 in March 2020
  • Median list price per square foot: $167 in July 2024; $114 in March 2020
  • Size of a typical listed home: 2,032 sq. ft. in July 2024; 2,080 sq. ft. in March 2020

23. Lancaster, PA

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  • Change in median list price since start of pandemic: +35.0% (+$112,200)
  • Median home list price: $432,400 in July 2024; $320,200 in March 2020
  • Median list price per square foot: $212 in July 2024; $145 in March 2020
  • Size of a typical listed home: 1,980 sq. ft. in July 2024; 2,140 sq. ft. in March 2020

22. Indiana, PA

Michael Deemer / Getty Images
  • Change in median list price since start of pandemic: +41.1% (+$49,800)
  • Median home list price: $170,975 in July 2024; $121,175 in March 2020
  • Median list price per square foot: $99 in July 2024; $77 in March 2020
  • Size of a typical listed home: 1,659 sq. ft. in July 2024; 1,598 sq. ft. in March 2020

21. Bloomsburg-Berwick, PA

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  • Change in median list price since start of pandemic: +41.6% (+$77,150)
  • Median home list price: $262,400 in July 2024; $185,250 in March 2020
  • Median list price per square foot: $152 in July 2024; $118 in March 2020
  • Size of a typical listed home: 1,724 sq. ft. in July 2024; 1,702 sq. ft. in March 2020

20. Harrisburg-Carlisle, PA

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  • Change in median list price since start of pandemic: +42.9% (+$107,232)
  • Median home list price: $357,200 in July 2024; $249,968 in March 2020
  • Median list price per square foot: $173 in July 2024; $122 in March 2020
  • Size of a typical listed home: 2,000 sq. ft. in July 2024; 2,133 sq. ft. in March 2020

19. York-Hanover, PA

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  • Change in median list price since start of pandemic: +43.1% (+$111,330)
  • Median home list price: $369,900 in July 2024; $258,570 in March 2020
  • Median list price per square foot: $173 in July 2024; $118 in March 2020
  • Size of a typical listed home: 2,039 sq. ft. in July 2024; 2,030 sq. ft. in March 2020

18. New Castle, PA

New Castle pinned on a map of Pennsylvania, USA
Dmitrijs Kaminskis / Shutterstock.com
  • Change in median list price since start of pandemic: +45.4% (+$49,925)
  • Median home list price: $159,875 in July 2024; $109,950 in March 2020
  • Median list price per square foot: $108 in July 2024; $68 in March 2020
  • Size of a typical listed home: 1,458 sq. ft. in July 2024; 1,506 sq. ft. in March 2020

17. Chambersburg-Waynesboro, PA

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  • Change in median list price since start of pandemic: +47.4% (+$107,325)
  • Median home list price: $333,725 in July 2024; $226,400 in March 2020
  • Median list price per square foot: $182 in July 2024; $113 in March 2020
  • Size of a typical listed home: 1,980 sq. ft. in July 2024; 2,027 sq. ft. in March 2020

16. Lebanon, PA

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  • Change in median list price since start of pandemic: +47.9% (+$130,375)
  • Median home list price: $402,725 in July 2024; $272,350 in March 2020
  • Median list price per square foot: $198 in July 2024; $128 in March 2020
  • Size of a typical listed home: 1,898 sq. ft. in July 2024; 2,011 sq. ft. in March 2020

15. Williamsport, PA

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  • Change in median list price since start of pandemic: +54.2% (+$85,700)
  • Median home list price: $243,900 in July 2024; $158,200 in March 2020
  • Median list price per square foot: $143 in July 2024; $98 in March 2020
  • Size of a typical listed home: 1,735 sq. ft. in July 2024; 1,740 sq. ft. in March 2020

14. Gettysburg, PA

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  • Change in median list price since start of pandemic: +54.5% (+$151,135)
  • Median home list price: $428,425 in July 2024; $277,290 in March 2020
  • Median list price per square foot: $201 in July 2024; $133 in March 2020
  • Size of a typical listed home: 2,028 sq. ft. in July 2024; 1,992 sq. ft. in March 2020

13. Allentown-Bethlehem-Easton, PA-NJ

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  • Change in median list price since start of pandemic: +56.9% (+$144,950)
  • Median home list price: $399,900 in July 2024; $254,950 in March 2020
  • Median list price per square foot: $203 in July 2024; $134 in March 2020
  • Size of a typical listed home: 2,024 sq. ft. in July 2024; 1,923 sq. ft. in March 2020

12. DuBois, PA

Public Domain / Wikimedia Commons
  • Change in median list price since start of pandemic: +65.9% (+$78,775)
  • Median home list price: $198,225 in July 2024; $119,450 in March 2020
  • Median list price per square foot: $113 in July 2024; $73 in March 2020
  • Size of a typical listed home: 1,710 sq. ft. in July 2024; 1,656 sq. ft. in March 2020

11. Scranton–Wilkes-Barre, PA

ChrisBoswell / iStock via Getty Images
  • Change in median list price since start of pandemic: +66.9% (+$105,249)
  • Median home list price: $262,474 in July 2024; $157,225 in March 2020
  • Median list price per square foot: $143 in July 2024; $87 in March 2020
  • Size of a typical listed home: 1,822 sq. ft. in July 2024; 1,800 sq. ft. in March 2020

10. Somerset, PA

dougtone / Flickr
  • Change in median list price since start of pandemic: +76.1% (+$129,267)
  • Median home list price: $299,167 in July 2024; $169,900 in March 2020
  • Median list price per square foot: $152 in July 2024; $94 in March 2020
  • Size of a typical listed home: 1,724 sq. ft. in July 2024; 1,858 sq. ft. in March 2020

9. East Stroudsburg, PA

Alex Potemkin / iStock Unreleased via Getty Images
  • Change in median list price since start of pandemic: +79.5% (+$155,000)
  • Median home list price: $350,000 in July 2024; $195,000 in March 2020
  • Median list price per square foot: $194 in July 2024; $104 in March 2020
  • Size of a typical listed home: 1,930 sq. ft. in July 2024; 1,889 sq. ft. in March 2020

8. Meadville, PA

Meadville+Pennsylvania | Meadville, Pennsylvania
dougtone / Flickr
  • Change in median list price since start of pandemic: +82.3% (+$107,775)
  • Median home list price: $238,775 in July 2024; $131,000 in March 2020
  • Median list price per square foot: $134 in July 2024; $87 in March 2020
  • Size of a typical listed home: 1,787 sq. ft. in July 2024; 1,595 sq. ft. in March 2020

7. Johnstown, PA

  • Change in median list price since start of pandemic: +83.8% (+$64,589)
  • Median home list price: $141,689 in July 2024; $77,100 in March 2020
  • Median list price per square foot: $87 in July 2024; $52 in March 2020
  • Size of a typical listed home: 1,634 sq. ft. in July 2024; 1,491 sq. ft. in March 2020

6. Bradford, PA

Bradford, Pennsylvania | Aerial View of Bradford Pennsylvania in Winter
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  • Change in median list price since start of pandemic: +86.2% (+$74,050)
  • Median home list price: $159,975 in July 2024; $85,925 in March 2020
  • Median list price per square foot: $98 in July 2024; $56 in March 2020
  • Size of a typical listed home: 1,553 sq. ft. in July 2024; 1,555 sq. ft. in March 2020

5. Lewistown, PA

Public Domain / Wikimedia Commons
  • Change in median list price since start of pandemic: +90.4% (+$101,450)
  • Median home list price: $213,675 in July 2024; $112,225 in March 2020
  • Median list price per square foot: $144 in July 2024; $74 in March 2020
  • Size of a typical listed home: 1,358 sq. ft. in July 2024; 1,450 sq. ft. in March 2020

4. Lock Haven, PA

Doug Kerr / Wikimedia Commons
  • Change in median list price since start of pandemic: +90.5% (+$117,500)
  • Median home list price: $247,400 in July 2024; $129,900 in March 2020
  • Median list price per square foot: $124 in July 2024; $83 in March 2020
  • Size of a typical listed home: 1,848 sq. ft. in July 2024; 1,634 sq. ft. in March 2020

3. Erie, PA

zrfphoto / iStock via Getty Images
  • Change in median list price since start of pandemic: +92.5% (+$134,463)
  • Median home list price: $279,750 in July 2024; $145,287 in March 2020
  • Median list price per square foot: $155 in July 2024; $95 in March 2020
  • Size of a typical listed home: 1,765 sq. ft. in July 2024; 1,586 sq. ft. in March 2020

2. Huntingdon, PA

Public Domain / Wikimedia Commons
  • Change in median list price since start of pandemic: +103.5% (+$147,500)
  • Median home list price: $289,950 in July 2024; $142,450 in March 2020
  • Median list price per square foot: $152 in July 2024; $94 in March 2020
  • Size of a typical listed home: 1,703 sq. ft. in July 2024; 1,612 sq. ft. in March 2020

1. Oil City, PA

Public Domain / Wikimedia Commons
  • Change in median list price since start of pandemic: +125.6% (+$113,025)
  • Median home list price: $203,025 in July 2024; $90,000 in March 2020
  • Median list price per square foot: $127 in July 2024; $58 in March 2020
  • Size of a typical listed home: 1,512 sq. ft. in July 2024; 1,491 sq. ft. in March 2020

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