Lately, there’s been a lot of talk in the news about interest rates, mortgage applications, and soaring real estate prices.

In the above video, Michael Diggin of RE/MAX Town & Country in West Chester discusses how this impacts us locally.

In Chester County, sales of homes in July increased 58.3 percent since June. Year over year, the number of settlements in July 2020 was 7.3 percent higher than the number in July 2019.

Prices have experienced similar growth.

The median price for a home in Chester County in July was $401,775, which is up 8.0 percent versus July of last year, when the median price was just $372,000.

Homes averaged 35 days on the market in July, which is down from 44 days in June and 41 days in July 2019.

“The housing market is well past the recovery phase and is now booming with higher-income home sales compared to the pre-pandemic days,” said Lawrence Yun, Chief Economist for the National Association of Realtors. “With the sizable shift in remote work, current homeowners are looking for larger homes, and this will lead to a secondary level of demand even into 2021.”

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