Despite rising mortgage rates, realtors expect to see the seller’s market in Chester County remain for quite some time to come, writes Fran Maye for the Daily Local News. 

“What I am telling my buyers is that (demand for houses) may never cool off in this area,” said Steve Laret of Vanguard Realty Alliance in West Chester. “I know that’s a bold statement. But for every home we create, we have two people who are moving into this area. We are in an unrecoverable spin.” 

Home prices in Chester County increased by 9.6 percent in March compared to last year, reaching a median price of $460,000. Homes only spent 17 days on the market on average, compared to 28 a year ago. Additionally, there were only 398 homes in active inventory in the county, compared to 705 in 2021. 

Another factor that has been driving prices up is the willingness of buyers to overpay for their houses as they expect to see them appreciate quickly. 

“We just settled on one a few weeks ago that was priced at 600,000, and it settled on $710,000,” said Laret. “It’s crazy, but it really comes back to supply and demand.” 

Read more about the seller’s market in the Daily Local News.