While the value of the U.S. housing market continues to plunge, Chester County is still experiencing strong sales, writes Bill Rettew for The Daily Local News.
According to Ann Byer, a Keller Williams Exton agent, a lack of inventory is partly responsible for the “robust seller’s market” in the county.
In Chester County, home prices were up 2.4 percent compared to last year, with a median sale price being $456,000. This is above the 1.2 percent increase in Pennsylvania as a whole over the same period.
Chester County homes sell after 31 days on the market on average, compared to 27 days last year. In January, 308 homes were sold, compared to 482 last year.
Another factor that has been affecting home sales are rising interest rates. According to Kit Anstey, a broker at Berkshire Hathaway Home Services Fox & Roach Realtors in West Chester, interest rates went up from 3 percent to 6.5 percent for a 30-year fixed mortgage.
“There is slightly more inventory at all price ranges but inventory is still historically low, the buyers far outnumber the houses listed for sale,” said Anstey.
Read more about the U.S. housing market in The Daily Local News.
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