While home prices are starting to slowly drop nationwide, many local towns are still seeing record-high prices being set as inventory remains low and demand high, writes Ryan Mulligan for the Philadelphia Business Journal.
In fact, one Chester County place has found its spot on the top ten list of Greater Philadelphia ZIP Codes with the largest home price increases in July.
Overall, the median list price in the Philadelphia metro area was up 6.2 percent year over year in July. While that is under the 16.6 percent year-over-year jump for the country as a whole, many suburban towns completely blew last year’s price tags out of the water.
For example, ZIP Code 19355 (Malvern) ranked fifth in the region with an 83 percent year-over-year median list price change. The current median list price in the ZIP Code is $1,150,990.
Still, Malvern did record some price reductions in July. Out of the typical 32 new listings per week last month, around 20 per week saw their prices reduced slightly.
Read more about the ZIP Codes with the largest home price increases in the Philadelphia Business Journal.