As we reach the midpoint of 2024, the real estate market continues to evolve, influenced by various economic and social factors. Whether you’re a homeowner, potential buyer, or investor, staying informed about the latest trends is crucial. In this mid-year update, we’ll explore the key trends shaping the national real estate market and provide insights specific to Central Pennsylvania.

National Real Estate Market Overview
Current Market Conditions
The national real estate market in 2024 has experienced significant shifts. High demand and limited supply continue to drive the market, resulting in competitive bidding and rising home prices. The housing market remains a seller’s market, with inventory levels struggling to keep pace with buyer demand.
Economic Factors Influencing the Market
Several economic factors are influencing the real estate market this year. Inflation, interest rates, and employment rates play crucial roles. The Federal Reserve’s policies on interest rates have a direct impact on mortgage rates, affecting affordability for buyers. Additionally, job growth and wage increases contribute to consumer confidence and purchasing power.

Trends in Central PA
Local Market Snapshot
Central Pennsylvania has seen its own set of unique trends within the broader national context. The region’s affordability compared to larger metropolitan areas continues to attract buyers. With a mix of urban and rural communities, Central PA offers diverse housing options that appeal to a wide range of buyers.
Key Trends to Watch in Central PA
- Rising Home Prices: Similar to national trends, Central PA is experiencing rising home prices. Buyers should be prepared for competitive offers and potential bidding wars.
- New Construction Projects: New housing developments are underway, aiming to alleviate some of the inventory shortages. These projects are crucial for meeting the ongoing demand for housing.
- Increased Remote Work Influence: The continued popularity of remote work has made Central PA an attractive option for those seeking more space and a lower cost of living while maintaining employment in larger cities.

Housing Prices and Sales
National Trends
Across the country, home prices have continued to climb in 2024. High demand, combined with limited inventory, has pushed prices upward. Sales activity remains strong, although some regions are starting to see a slight slowdown as affordability challenges emerge.
Central PA Specifics
In Central PA, housing prices are rising but remain relatively affordable compared to larger metropolitan areas. The region’s mix of urban and rural settings provides diverse options for buyers. Sales activity is robust, with homes often selling quickly and above asking prices.

Interest Rates and Mortgage Trends
National Perspective
Mortgage rates have fluctuated in 2024, influenced by the Federal Reserve’s actions to combat inflation. While rates are higher than in previous years, they remain historically low. This has kept the market active, with many buyers eager to lock in favorable rates before potential future increases.
Central PA Insights
In Central PA, buyers are also keen to take advantage of the current mortgage rates. Local lenders have reported increased activity as buyers seek to secure financing. The region’s relatively stable economy and housing market make it an attractive area for both buyers and investors.

New Construction and Housing Inventory
National Developments
Nationally, new construction has been on the rise as builders attempt to meet the high demand for housing. However, supply chain issues and labor shortages continue to pose challenges, slowing the pace of new developments.
Central PA Projects
Central PA is seeing several new construction projects aimed at increasing housing inventory. These projects range from single-family homes to multi-family developments. The addition of new homes is expected to provide some relief to the tight market conditions.

Buyer and Seller Behavior
National Trends
Buyers in 2024 are increasingly prioritizing space and flexibility, with many seeking homes that can accommodate remote work. Sellers, on the other hand, are taking advantage of the seller’s market to maximize their returns, often receiving multiple offers.
Central PA Specific Behaviors
In Central PA, buyers are drawn to the region’s affordability and quality of life. The trend of moving away from larger cities continues, with many seeking the balance of urban amenities and rural tranquility. Sellers in the region are benefiting from the high demand, often receiving offers above their asking prices.

Future Predictions and What to Expect
Expert Opinions
Experts predict that the real estate market will remain active throughout the remainder of 2024, although the rate of price increases may slow down as affordability becomes a concern for more buyers. The ongoing economic factors, including interest rates and inflation, will continue to influence market dynamics.
Central PA Outlook
For Central PA, the outlook remains positive. The region’s attractiveness due to affordability and quality of life will continue to draw buyers. New construction projects are expected to provide some relief to the inventory shortages, helping to balance the market.
The real estate market in 2024 is marked by high demand, rising prices, and evolving buyer preferences. For Central PA, these trends present both opportunities and challenges. Staying informed about these trends is essential for making smart real estate decisions. Whether you’re buying, selling, or investing, understanding the market dynamics will help you navigate the rest of the year with confidence. Let’s talk about how these trends effect your upcoming real estate plans. Our team is always here for you.