Residential Real Estate Market Thriving in Chester County

Home sales in Chester County continue to surge, a trend that began at the beginning of 2017, and there are no signs of slowing down.

Home sales in Chester County and the surrounding show no signs of slowing down according to the latest figures published by Berkshire Hathaway HomeServices Fox & Roach, writes Sandy Smith for Philadelphia magazine.

The number of properties sold in Chester County for the first quarter of 2017 was 1,266, compared to 1,156 for the same period last year. The median price of properties sold also increased, from $295,000 in the first quarter of last year to $305,000 this year.

Properties are spending less time on the market, too, having dropped to an average of 68 days, down from 75 days over the same period last year.

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The situation is the same in all of Greater Philadelphia, where a total of 15,750 homes were sold in the last quarter, up 8.7 percent from the same period a year ago. The average sales price has also increased by 1.6 percent, with a median price of $247,361 and average days on market now just 76 days.

This isn’t necessarily good news for buyers, however, as the overall inventory is shrinking. Compared to last quarter, the number of homes on the market has dropped by nearly 20 percent to 26,772.

Read more about last quarter’s results in Philadelphia magazine here.


Top photo credit: woodleywonderworks What subprime crisis? Affordable houses are everywhere. via photopin (license)

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