Is Fayette County, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Fayette County was a Seller's Market.
Key Takeaway
Fayette County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Fayette County, PA
How much do homes in Fayette County, PA cost?
Median Sold Price
$162,593
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Fayette County have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in Fayette County was $162,593 in May 2024, up 1.6% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $53K | $105K | +98.1% |
| 2 Bedrooms | $110K | $115K | +4.5% |
| 3 Bedrooms | $173.9K | $176.1K | +1.3% |
| 4 Bedrooms | $209K | $205.5K | -1.7% |
| 5+ Bedrooms | $209.5K | $242.2K | +15.6% |
Summary: Fayette County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 98.1%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 1.3%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes increased by 15.6%.
Median Sold Price Compared To Nearby Counties
| Westmoreland County | $192.2K | $205.6K | +7.0% |
| Washington County | $240.9K | $250K | +3.8% |
| Fayette County | $160K | $162.5K | +1.6% |
| Greene County | $163K | $160K | -1.8% |
| Somerset County | $199K | $190K | -4.5% |
Housing Supply in Fayette County, PA
How many homes are available in Fayette County, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 407 | 428 | +5.2% |
Summary: The Fayette County real estate market had 428 homes for sale in May 2024, a 5.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 81 | 90 | +11.1% |
| 3 Bedrooms | 226 | 223 | -1.3% |
| 4 Bedrooms | 76 | 91 | +19.7% |
| 5+ Bedrooms | 21 | 20 | -4.8% |
Summary: The Fayette County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes increased by 19.7%, and 5+ bedroom homes decreased by 4.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 75 | 67 | -10.7% |
Asking Price vs. Sold Price
45 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fayette County, you may be able to get a good deal. 67.2% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Fayette County in May 2024, down by 10.7% month-over-month. Of the 67 sold homes, 67% were sold under asking, 22% were sold at asking, and 10% were sold over asking.
Days on Market for Fayette County, PA
How long does it take to sell a home in Fayette County, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 64 Days | 71 Days | +11.6% |
Summary: Homes in Fayette County had an average of 71 days on market in May 2024, up by 11.6% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Fayette County has remained consistent over time.
Summary: During May 2024, 67 homes were sold in Fayette County; 36% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.