Housing prices in Greater Philadelphia are still elevated, with Chester County remaining the region’s most expensive enclave, writes Ryan Mulligan for the Philadelphia Business Journal. 

The median home price in the region maintained its previously set record in August due to soaring mortgage rates and a short supply of available inventory. 

In August, Greater Philadelphia recorded a median home price of $370,000. That is a 5.7 percent year-over-year increase and matches the previous high watermark that was set in June. 

Chester County’s average is much higher than the regional median. Homes in the county recorded a median sale price of $533,000 in August, which is the highest in the region. 

However, if mortgage rates continue to hold at around 7 percent this fall and home prices remain around 40 percent above the pre-pandemic levels, the housing market in the region might hit an “affordability ceiling.” 

“I think there’s going to be more and more buyers who are going to have to be sitting out because of that affordability challenge and you’ll see a shift in the market this fall,” said Bright MLS Chief Economist Lisa Sturtevant. 

Read more about the housing prices in Greater Philadelphia in the Philadelphia Business Journal. 

_______