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.