Here’s How Much the Chester County Housing Market Thrived Last Year

Kimberly McGuane

Chester County recorded another strong year for the housing market, despite the ongoing pandemic, with increasing home sales prices and a reduced number of days on the market, writes Kennedy Rose for the Philadelphia Business Journal.

A new analysis from MarketStats by ShowingTime based on Bright MLS listing activity shows that the housing market for the entire Philadelphia region had a good year, posting an increase in the median sales price of 10.8 percent year-over-year to $271,500.

The contributing factors include high buyer demand and low inventory, as well as record-low interest rates. Inventory in the region was also down 8.2 percent compared to the previous year. This created a competitive market that reduced the median number of days that homes stayed on the market to 15.

In Chester County, these factors drove the median home price up to $382,500 for 2020, an increase of 7.8 percent compared to the previous year.

There were 7,432 closed sales in 2020 in the county, representing a 4.4 percent year-over-year increase. Additionally, the number of days a house spent on the market dropped to 9 days compared to the 18 in 2019.

Read more about the local housing market in the Philadelphia Business Journal here.