After a loss of sales during the spring, Philadelphia’s suburban housing market is now in an extremely competitive state, writes Natalie Kostelni for The Philadelphia Business Journal.

Along with other non-essential businesses, Gov. Tom Wolf shut down all residential real estate sales in March. However, home sales have risen 1.5 percent across Pennsylvania since July and the median sale price for a single-family home in Chester County bumped up to $401,000 from $400,000.

The pandemic is one factor driving this wave, with people in crowded urban areas looking for more space and empty-nesters, who would otherwise be downsizing, now suddenly with their adult children back either taking college classes online or working from home.

Inventory is at an unprecedented low. Those who would normally be selling their houses are choosing to stay put, resulting in buyers rushing to take what’s available to them as quickly as possible.

Because of low inventory, the average price of a single-family home in Pennsylvania rose 6.6 percent, now at $373,065. A healthy stock market and interest rates, currently at historic lows, have helped to boost home sales and prices.

“We saw a strong June and the strong June emboldened a lot of people and it turned into a record July,” said Chris Finnegan, chief marketing officer at Bright MLS. “Our hypothesis is you’re going to see this better-late-than-never market with a tail that goes into August and into the fall. It’s a really great story in Philadelphia and in the Greater Philadelphia region.”

Read more about the region’s suburban housing market in The Philadelphia Business Journal here.

You Might Also Like

RE/MAX’s Michael Diggin Analyzes Chesco’s Housing Market as It Starts to Heat Up After Quarantine

Gov. Wolf Eases Restrictions on Real Estate Industry

Two in Chester County Among the Hottest Housing Markets in Greater Philadelphia