16116 Housing Market Report December 2024•Lawrence County, Pennsylvania

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Housing Prices in 16116, PA

How much do homes in 16116, PA cost?

Housing Market Conditions

Is 16116, PA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

16116 is a Neutral Market

Difference Since November 2024

Last month, 16116 has remained a Neutral Market.

Insight

16116 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$245,000$155/SqFt
+$86,000
+54.1%

Based on all homes sold in December 2024

Insight

Homes in 16116 have sold for 54.1% more than they did a month ago.

Summary: The median home sold price in 16116 was $245,000 in December 2024, up 54.1% from last month, and the median price per square foot was $155.

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsNov 2024Dec 2024Change MoM
1--
N/A
2--
N/A
3$159K$245K
+54.1%
4--
N/A
5--
N/A

Summary: 16116 housing price by bedroom type for December 2024, compared to the previous month. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes did not change. The home price for 3 bedroom homes increased by +54.1%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in 16116, PA

How many homes are available in 16116, PA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
7Last MonthDec 2024
62 months agoNov 2024
+16.7 %
Change MoMNov – Dec

Summary: The 16116 real estate market had 7 homes for sale in Dec 2024, a 16.7 % increase compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
1Last MonthDec 2024
12 months agoNov 2024
0.0 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
100
0.0%
212
+100.0%
333
0.0%
411
0.0%
511
0.0%

Summary: 16116 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +100.0%. The inventory for 3 bedroom homes remained the same. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 16116, PA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price0 Home

At Asking Price0 Home

Under Asking Price1 Home

Insight

If you're buying a home in 16116, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in 16116 in December 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and and 0% were sold over asking.

Days on Market for 16116, PA

How long does it take to sell a home in 16116, PA?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days0 Home

Over 90 Days0 Home

Insight

Many homes in 16116 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 1 homes were sold in 16116; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
26 DaysLast MonthDec 2024
21 Days1 month agoNov 2024
+23.8 %
Change MoMNov – Dec

Summary: Homes in 16116 had an average listing age of 26 days in Dec 2024, up by 23.8% compared to the previous month.

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Newest Listings in 16116, PA

What homes are available in 16116, PA?

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MLS Disclaimers and Copyright

Based on information from West Penn Multi-List Inc., for the period 11/01/2024 - 01/01/2025

IDX The multiple listing information is provided by West Penn Multi-List, Inc. Information deemed reliable, but not guaranteed. IDX info provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change, or withdrawal. Listings displaying the IDX logo belong to brokers other than this broker. Neither the listing broker(s) nor this broker or the MLS shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.

Copyright © 2025 West Penn Multi-List, Inc. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/1/2025, 11:20:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.