Chester County, which has the priciest housing market in the region, has seen the prices go further up due to the continued low inventory, writes Ryan Mulligan for the Philadelphia Business Journal.
In May, house prices in the county went up by eight percent, to a median of $502,500, according to data from real estate platform Bright MLS.
The rising prices are not slowing down sales, though. While the Greater Philadelphia housing market remains gridlocked due to high prices and high mortgage rates, which are keeping numerous potential buyers sidelined, homes in Chester County and other Philadelphia suburbs are still selling in record time.
Last month, homes in Philadelphia usually sat on the market for 21 days, which is a 10-day year-over-year increase. Meanwhile, the median home in Chester County were sold in less than a week, at six days.
“On a macro level [the market] is slower, but if you’re a buyer in the Philly suburbs, you have to be prepared to act,” said Bright MLS Chief Economist Lisa Sturtevant.
Read more about the housing market in the Philadelphia Business Journal.
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