Is Reading, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Reading has remained a Seller's Market.
Key Takeaway
Reading is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Reading, PA
How much do homes in Reading, PA cost?
Median Sold Price
$239,973
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Reading have sold for 33.3% more than they did a year ago.
Summary: The median home sold price in Reading was $239,973 in May 2024, up 33.3% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $137.5K | +5.8% |
| 2 Bedrooms | $160K | $199.9K | +24.9% |
| 3 Bedrooms | $196.5K | $242K | +23.1% |
| 4 Bedrooms | $231.3K | $307K | +32.7% |
| 5+ Bedrooms | $145K | $185K | +27.6% |
Summary: Reading housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.8%, 2 bedroom homes increased by 24.9%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 32.7%, and 5+ bedroom homes increased by 27.6%.
Median Sold Price Compared To Nearby Cities
| Reading | $180K | $239.9K | +33.3% |
| West Reading | $195.5K | $237.2K | +21.4% |
| Wyomissing | $282.5K | $330K | +16.8% |
| Cumru Township | $230.1K | $265K | +15.2% |
| Kenhorst | $217.5K | $212.5K | -2.3% |
Housing Supply in Reading, PA
How many homes are available in Reading, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 543 | 539 | -0.7% |
Summary: The Reading real estate market had 539 homes for sale in May 2024, a 0.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 68 | 61 | -10.3% |
| 3 Bedrooms | 234 | 232 | -0.9% |
| 4 Bedrooms | 149 | 158 | +6.0% |
| 5+ Bedrooms | 91 | 85 | -6.6% |
Summary: The Reading housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 10.3%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 6%, and 5+ bedroom homes decreased by 6.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 157 | 135 | -14.0% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
39 Homes Were Sold
At Asking
58 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Reading, you could pay more than the asking price. 43% of homes here sold above asking price last month.
Summary: A total of 135 homes were sold or pending in Reading in May 2024, down by 14.0% month-over-month. Of the 135 sold homes, 28% were sold under asking, 29% were sold at asking, and 43% were sold over asking.
Days on Market for Reading, PA
How long does it take to sell a home in Reading, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 21 Days | -6.0% |
Summary: Homes in Reading had an average of 21 days on market in May 2024, down by 6% compared to last year.
Breakdown of Home Sale Times
115 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Reading are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 135 homes were sold in Reading; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
