Home prices in the Philadelphia region are skyrocketing due to a low inventory of houses on the market. Chester County has seen an 8 percent increase in home prices and remains the most expensive county with an average sale of $530,000, writes Ryan Mulligan for the Philadelphia Business Journal.  

The average home sale in the Philadelphia region is $370,000 which is 4.2 percent higher than around this time last year. The hike in home prices is due to a dearth of homes listed on the market. June saw an all-time low of listings in the region for the past 20 years.  

This is due to owners being reluctant to put their homes on the market, since they have lower mortgage rates from the pandemic.  

Montgomery County saw an over 30 percent decline in home listings. The suburbs in general have seen higher prices than Philadelphia, which has actually seen a decline in prices. According to the Business Journal, the median home price in the region was $308,000 in February of this year.  

Read more about the region’s home prices in the Philadelphia Business Journal.  

Chester County Real Estate Market Update