The housing market in Chester County has started to cool down, writes Eileen Smith Dallabrida for Main Line Today.

While there are still more buyers than sellers, the frenzy of the sellers’ market has become more moderate and cooler heads are prevailing. Bidding wars are not as common and are less intense. Sellers can no longer expect massive, above-asking-price offers. Some home prices have even started to slowly go down amidst inflation and recession concerns.

A 2,300-square-foot center hall Colonial in Malvern within walking distance to the train station saw a drop in price from $688,900 to $675,000.

Meanwhile, a newly renovated 1,690-square-foot townhouse from the 1890s in West Chester saw its price go down from $489,000 to $474,000.

After two years of setting all the rules, sellers are now getting used to the reality of a more moderate housing market.

“There isn’t that same feeding frenzy,” said John Bell, a Chadds Ford-based realtor. “We tell people not to expect 10 offers and $100,000 above asking. If the house is move-in ready and in a desirable location, you might get two offers and $10,000-$20,000 over asking.”

Read more about the local housing market in Main Line Today.

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CBS is reporting that the peak homebuying season, which is just around the corner, may not be that fruitful for buyers or sellers.