The median home price in Chester County rose 11.7 percent in April compared to the same period last year, marking the arrival of the bustling spring market many in the real estate industry were hoping for, writes Ryan Mulligan for the Philadelphia Business Journal.
According to Bright MLS data, the average increase in median home prices in the region was 11 percent year over year, which is the largest rise in the Philadelphia area since May 2022.
April also saw an increase in inventory, more closed sales, and fewer days on the market for available homes throughout the region.
In Chester County, the median home price is currently $516,500. The county also saw a sizable increase in new listings of nearly 28 percent.
But despite an increase in inventory, affordability continues to be “a big challenge,” according to Bright MLS Chief Economist Lisa Sturtevant.
“More supply is good news for the housing market but there is still a long way until we are back to a balanced housing market,” she said.
Read more about the home prices in the Philadelphia region in the Philadelphia Business Journal.
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